Petróleos de Venezuela, or PDVSA, ”is overstretched to capacity with any number of needs,” said Patrick Esteruelas, an analyst at the New York-based Eurasia Group. The firm is borrowing billions from foreign lenders, while independent estimates show its output falling. U.S. data shows imports from Venezuela last year hit a 12-year low after dropping 8.2 percent from 2005… PDVSA is not the only state oil company in Latin America to face such problems. Mexico’s Petróleos Mexicanos, or Pemex, now faces rapidly shrinking reserves and outdated technology. Company executives agree they must reinvest much more but are hamstrung by Mexico’s constitution. Nearly 60 percent of Pemex’s revenues go to the federal budget each year, while debt and pension obligations total upward of $100 billion.