"It is important we support medium-size companies, together with programs from national development banks, so they can access credit and be suppliers to Pemex, and make sure over the next few years that we develop a strong oil-servicing industry in Mexico that can grow and be regionally competitive, " he said.

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"It is important we support medium-size companies, together with programs from national development banks, so they can access credit and be suppliers to Pemex, and make sure over the next few years that we develop a strong oil-servicing industry in Mexico that can grow and be regionally competitive, " he said, speaking in English.

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But the US has no powers over Petrobras, which is majority owned by the Brazilian government and intent on servicing local oil needs first.

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Last month's leak led to a pipeline system servicing up to 27 oil fields being shut down.

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But it won't work, says Fair, because the falling dollar eventually will increase inflation (Saudi Arabia will demand more dollars for its oil) and drive up interest rates and therefore the cost of servicing the debt.

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The fiscal position's vulnerability to a softening of international oil prices, combined with Mr Correa's weaker commitment to debt servicing, could cast doubt on the country's payments capacity.

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