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As of July 2024, crude oil prices have shown a modest recovery from earlier lows. Brent crude, a major benchmark, is trading around $88 per barrel, up from $82 per barrel in June. This increase follows a dip to $75 per barrel after OPEC+ announced it would begin unwinding production cuts later this year.
Pemex, once a global oil giant, is now burdened by debt and declining production. The Mexican government's support for Pemex has come at a high cost. Pemex faces challenges in both addressing environmental concerns and attracting investment.
Read MoreBP shares tumbled 4.3% after the company issued a warning about potential impairments of up to $2 billion, coupled with reports of weak refining margins. This development has raised concerns among investors about the company's near-term profitability and overall financial health.
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