![Pemex, Mexico's state-owned oil company, is struggling because of AMLO's energy nationalism and economic policies](https://www.worldpoliticsreview.com/wp-content/uploads/2023/02/amlo-oil-mexico-economy-nationalism-pemex-02062023-1.jpg?w=519&h=259&crop=1)
Russia’s invasion of Ukraine combined with the geopolitical instability it caused made 2022 a great year to be an oil major. But while most oil producers across the globe reaped profits, Mexico’s state-owned oil company Pemex struggled financially and enters 2023 with questions about its long-term viability hanging over it.