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(Bloomberg Opinion) — Rising oil prices haven’t been much help to Petróleos Mexicanos’ battered bonds, as the company won’t take advantage of high energy prices as much as its rivals due to reduced exports from the country, which in January fell to its lowest level in 32 years. Last week, the company’s dollar bonds traded near multi-month lows, even as the Russian invasion of Ukraine pushed crude oil above $100 a barrel. Securities due in 2047 and 2050 fell to the lowest level since late 2020.
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