Oil slump slams Mexico with cuts causing 10,000 job losses

[inanna]

Source: Bloomberg News

Bloomberg News
Published Friday, Jan. 09 2015, 2:21 PM EST


More than 10,000 people working at Mexican oil service companies were laid off this week as state-owned Petroleos Mexicanos cut contracts in the face of the global slump in crude prices. More job losses are expected.

Most of the companies are based in Ciudad del Carmen, on the Campeche Bay in the Gulf of Mexico, and were told this week that contracts wouldn’t be renewed with Pemex, as the world’s ninth largest oil producer is known. Job losses could rise to 50,000, Gonzalo Hernandez, secretary at the Ciudad del Carmen Economic Development Chamber, said in a phone interview.

“The city is in shock,” Stuart Hill, managing director of Xperto Offshore in Mexico, said in an interview from Ciudad del Carmen. “We were told it was based on Pemex’s budget reductions.”

<snip>

Oil production at Pemex fell for the 10th straight year in 2014. The company posted a net loss of about $4.4-billion in the third quarter, its eighth consecutive quarterly loss.

Read more: http://www.theglobeandmail.com/report-on-business/oil-slump-slams-mexico-with-cuts-causing-10000-job-losses/article22384002/?cmpid=rss1

[nichomachus]

1. It's going to blow back on the US too

All in the neoliberal effort to get to Putin.

[uhnope]

6. wow, very first response is from a Putin defender

Kind of strange on a progressive website. The OP is about Mexico, it's not even about Russia.

BTW, do you have any proof that low oil prices stem from a conspiracy to get Putin?

Anyway, IMO there are of course going to be side effects from any action (like the sanctions against the Putin regime), but that doesn't mean that the action is not advisable in the first place. Putin is threatening all of Europe, and the so-called west is responding.

[Purveyor]

7. When are you going to knock off the "Putin defender" bullshit. It is growing old and boorish.

You trying to stifle debate with your attacks?

[uhnope]

10. actually, I am engaging in the debate, and addressed the issues brought up in the post

that I responded to.

Speaking of "old and boorish," what is your concern in this matter? Is it not because you are another Putin defender? Otherwise, since I didn't address you, why are you responding?

[Purveyor]

12. Why am I responding? Because I can. You going to attempt to dictate the terms.

of participation on this site too along with your badgering of posters?

[uhnope]

13. Purveyor: Nice try (not). No, my question was--why did my mention of Putin so enrage you?

Last edited Mon Aug 3, 2015, 05:45 PM - Edit history (1)

Especially since I was not the one to bring up Putin and I was only responding.

Purveyor: Come on. Are you trying to pretend that you are not well-known for starting Russian-defending threads on a constant basis, with a fondness for Russian-front fake news sites like Consortium News, never mind for posting Russia Today and Sputnik News, two Kremlin propaganda outlets? Please don't make me cite all the examples--though this one, from another Kremlin news site, RIA Novosit, was hilarious:

http://www.democraticunderground.com/10024272453

Praise to Dear Leader as he taking the slopes in glorious victory for Sochi Olympics!

Not to mention the time you accused DUers who opposed Russia's military aggression in Ukraine of being "neo-nazis."

No, I think anyone who can read knows why you want me to shut up and go away. Sorry, that's not going to happen. To paraphrase a Russian idiom, "DU is not made of rubber."

[Purveyor]

14. Carry on then... I shall. eom

[nichomachus]

8. Where, exactly, did I "defend Putin" -- yours is a nonsense post and a typical DU knee-jerk

The US and the Saudis are keeping prices low in an effort to screw Putin. (That's the truth; that's not defending him.)

However, the only sector in the US that is providing high-paying jobs is the petroleum sector. With Obama and the Saudi depressing oil prices to ruin the Russian economy, it will affect the industry, cause job loss and put a further downward pressure on the US economy.

I'm not a Putin defender, but then neither am I an Obama defender. That's getting harder and harder for people to do thee days.

[uhnope]

11. well, I made a guess that since you brought up Putin's plight in response to an OP about Mexico

Last edited Sat Jan 10, 2015, 12:18 AM - Edit history (1)

that you were in some way looking out for Putin.

But since you asked, DU does supply a "search site" option on its homepage. Using it, we can find comments by you like this:

Putin makes more sense than any of his opponents in the neoliberal cabal that is trying to encircle him and destroy his economy.

The actions of Obama and the others are what's insane.

As well as efforts attempting to downplay the human rights disaster in Russia by creating a (false) equivalency between the human rights situations in the US and Russia.

These were just the first two, and they would tend to support my guess.

However, if I am wrong, I am willing to admit it. If it were the other way around, I certainly would hate to be mistaken for a supporter of fascism or something like that. So please tell us, how you feel about Putin using anti-gay laws to increase his popularity; about the neo-Nazi gangs, tied to the Kremlin, who are killing Putin's opponents; about the increasing control on the press; about the Nashi pro-Putin youth organization, funded by the Kremlin and big business, that encourages worship of Putin and sends its members out to harass progressives and to aid in business protection rackets; and about the huge number of businessmen who find themselves in prison when they won't cooperate in business deals with other businessmen who have friends in the government; about Pussy Riot's imprisonment and public whipping; about the leading Putin critic's family being imprisoned.

BTW you didn't answer my question--what proof do you have that "The US and the Saudis are keeping prices low in an effort to screw Putin"?

[Fred Sanders]

2. Oil Slump Slams Mexican Consumers and Industry with Huge Effective Tax Cut

[misterhighwasted]

3. Is this the threat that made the Saudis drop the price per barrel?

Canada, USA & Mexico. The three North American Countries joining forces as a major global player in oil/gas production, refinement & shipping industry?
Brining Canadian Tar Sands sludge to the refineries in the Gulf needs the Bakken light sweet crude to mix in order to move it thru the pipelines. Texas light crude is needed to do the same with Mexico's heavier crude. Mexico becomes the transport to shipping the light, medium & heavy crude grades.

Was this the reason for Mexico's President's recent visit to the US?
If put in place, this N American operation would indeed threaten OPEC.
AND with that I also question if this all ties in with TPP somehow?

Just curious here.
Thanks

[misterhighwasted]

5. Add Venezuela to the mix and lets be friends with Cuba too while we are at it.

This move is what pissed off the Saudis & caused the drop in oil proces.
Global dominance of the same players who are cutting super secret deals via the TPP et.al., and the same players who run roughshod throughout the world in a billionaires version of Game of RISK.

The big picture is emerging clearer.

[nichomachus]

9. No. n/t

[Wellstone ruled]

4. With all the coruption in Mexico's

Oil Company,their production has faltered due to lack of equipment maintenance or replacement. Notice the number ten thousand,here we go again,seal the border's crap will be hitting the Cable News big time with in 48 hrs. right after we stop all flights to France.