Texas-based oilfield technology and services company FMC Technologies announced on Friday that it has won a three-year, $64 million contract to supply wellheads, support and maintenance for Pemex Exploration and Production operations in the Gulf of Mexico. The company has been dealing with Mexico’s state-run oil company for nearly a decade, and this is the most valuable contract the company has signed so far.
The End of OPEC
Saudi Arabia is massively rich, but it’s also massively unsustainable. A whopping 92 percent of its budget comes from oil exports, and a long-term decline in the cost of oil would be absolutely devastating. What could cause a long-term decline? The United States.