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The steep decline in crude prices over the past five months has put a spotlight on many oil exporting countries and the pressures they face due to lower revenues. As part of the Center on Global Energy Policy’s examination of the effect of lower prices on the global economy and geopolitics, Center Fellow Adrian Lajous explored the implications for Mexico in the following policy brief. Mr. Lajous served as the Director General of Pemex (CEO) and Chairman of the boards of the Pemex group of operating companies from 1994 to 1999. The views expressed here are those of the author.