LatinNews Daily - 05 February 2026

*Mexico’s state oil company Petróleos Mexicanos (Pemex) has revealed that it reduced its debt to US$84.5bn in 2025, a drop of US$20bn from 2018, and a figure which it describes as its lowest level in 11 years. Announcing Pemex’s results for 2025 in President Claudia Sheinbaum’s daily press conference, Pemex’s general director, Víctor Rodríguez Padilla, said that Pemex, which has been boosted by a government plan to overhaul its finances, had made payments worth over M$390bn (US$22.45bn) to suppliers last year and highlighted that, for the first time in 11 years, international credit ratings agencies Fitch and Moody’s last year upgraded their ratings for the state oil company. Rodríguez also shed more light on Mexico’s shipping of oil to Cuba, which has come under scrutiny following US President Donald Trump’s recent order imposing tariffs on countries which provide oil to Cuba. He said that Pemex has one contract in force with Cuba which has been in place since 2023, and that sales to Cuba amounted to US$496m last year, which he said represented 0.1% of Pemex’s sales. Rodríguez said the contract was open-ended and supply was based on Cuba’s needs and availability of the product domestically. Sheinbaum, who has previously sought to address US pressure to stop the oil shipments through casting them as humanitarian aid, acknowledged Trump’s latest threat, saying “we are exploring all diplomatic avenues to resolve this problem”.

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