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Mexico Oil Industry: Global glut smothers gulf coast production

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Mexico's, PEMEX, has spent 133.5 million dollars on an oil hedging program in a bid to protect its balance sheet against possible falls in the price of crude oil. It marks the first time the country's national oil company has invested in its own hedging program in over a decade. This a sign of the hard times the oil industry is facing globally...... Now the fall of oil production in Mexico has caused cities on the country's Gulf coast to fall on hard times. One of the places affected most is Ciudad del Carmen. CGTN's Martin Markovits reports.

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