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: http://www.bloomberg.com/news/2013-12-16/north-america-to-drown-in-oil-as-mexico-ends-monopoly.html
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