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Opec rally fails to aid crippled Latin oil giants

The companies operate under close bureaucratic controls that hinder their ability to respond to market forces

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For the three titans of Latin American oil - Pemex, PDVSA and Petrobras - last week's Opec-driven price rally won't be enough to halt a slow descent from the ranks of international crude heavyweights.

Washington

FOR the three titans of Latin American oil - Pemex, PDVSA and Petrobras - last week's Opec-driven price rally won't be enough to halt a slow descent from the ranks of international crude heavyweights.

Even as news of the cartel's 1.2 million-barrel-a-day output cut

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