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Weekly Report - 11 February 2016 (WR-16-06)
MEXICO: Peña Nieto reshuffles cabinet to address oil crisis
President Enrique Peña Nieto has made unexpected changes to his cabinet this week, replacing the heads of the health ministry (SSA), the social security institute (IMSS), and the state-owned oil firm, Pemex. Given that they come just six months after a major cabinet reshuffle in August 2015 [WR-15-35], the changes have sparked speculation that they are designed to tackle the deepening crisis currently affecting Mexico’s oil sector, which is struggling to cope with low international crude prices. The change at the helm of Pemex in particular is seen as an attempt by Peña Nieto to shake things up at the firm not only to help tackle its current financial difficulties deriving from the oil price shock but also to make it safer and more efficient to compete with private firms as envisioned by the government’s flagship energy-sector reform.
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