Lopez Obrador Says Will ‘Rescue’ Mexico Oil Industry

Mexican President Andres Manuel Lopez Obrador detailed plans to “rescue” the national oil industry by boosting crude production at the state-owned oil company by 45% before 2025.
Lopez Obrador said the goal is for Petroleos Mexicanos to raise crude output to 2.4 million barrels per day, from the current 1.65 million bpd, AP reported at the weekend.
“We are going to invest where we know there’s petroleum and where it costs us less to extract it,” he said.
Lopez Obrador previously announced plans to invest $3.65 billion of savings from a government austerity program into Pemex. The company has struggled to come up with funds in recent years amid mounting pension obligations, high tax rates, rampant fuel theft and inefficiencies.
Lopez Obrador described his plan to “rescue” the oil industry as “realistic” and reiterated a pledge to move Pemex’s headquarters from the capital to Ciudad del Carmen.