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article imageMexico moves to add to increased North American oil production

By Shane Blanchard     Dec 9, 2013 in Business
The trend of increased North American oil production continues as Mexico moves toward amending its constitution to allow foreign oil companies in the country.
Senators in Mexico are nearing a deal to allow foreign oil companies to drill for oil in Mexico. Unlike Canadian and U.S. oil production, Mexican oil production is down 25 percent since 2004, which is why it is trying to attract outside investment in its oil fields. The Institutional Revolutionary Party is negotiating with the National Action Party on details of the bill. This is important as amending the constitution to allow foreign investors will require a two-thirds majority vote in the legislature.
If Mexico is able to increase its oil production, it will add to the ever-increasing North American oil production. Canada plans on doubling its production of oil from oil sands in the next decade, and the U.S. is expected to become the world's largest producer of oil by 2016. The International Energy Agency estimates that the U.S. roles as top oil producer will only last for four years, however.
As of the time of the writing of this article, the price per barrel of oil stands at $97.78.
More about Oil production, Mexico oil deal, Canada oil production
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