Mexico's Oil

Energy

North America to Drown in Oil as Mexico Ends Monopoly

By Joe Carroll and Bradley Olson Dec 16, 2013 12:54 PM ET

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Photographer: Susana Gonzalez/Bloomberg

The Petroleos Mexicanos (Pemex) La Muralla IV deep sea crude oil platform in the waters... Read More

The flood of North American crude oil is set to become a deluge as Mexico dismantles a 75-year-old barrier to foreign investment in its oil fields.
Plagued by almost a decade of slumping output that has degraded Mexico’s take from a $100-a-barrel oil market, President Enrique Pena Nieto is seeking an end to the state monopoly over one of the biggest crude resources in the Western Hemisphere. The doubling in Mexican oil output that Citigroup Inc. said may result from inviting international explorers to drill would be equivalent to adding another Nigeria to world supply, or about 2.5 million barrels a day. 
Read more here.