Weekly Report - 26 July 2007 (ISSN 1741-7422)

MEXICO | Pemex. Petróleos Mexicanos, the state owned oil company, admitted on 25 July that it would run out of oil in seven years. The run-down in oil reserves is much faster than analysts expected. Pemex currently supplies the government with about 35% of its total income. Without Pemex's contribution, other taxes will have to rise or the Mexican state will have to be savagely pruned.

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