Mexico saw prices of its crude fall to $24.47 a barrel in February. The country is also facing a severe oil pipeline theft problem, Business Insider reported. The Mexican oil industry is suffering from increasing thefts at 52% in 2015, following an annual rise of 43.7% recorded in 2014. The number of illegal taps has risen from 132 in 2001 to 3,348 in 2014. In 2014, Pemex lost $1.29b from pipeline tapping and other forms of theft.

In addition, the current market conditions have undermined Mexico’s Pemex’s ability to match positivism of President Enrique Peña Nieto who had envisioned a success of his landmark energy reforms launched back in 2013, wrote Business Insider Australia.