Mexican Revamp
When Lopez Obrador was elected as the Mexican president, a key policy pledge of his election campaign was to rescue the country's energy industry. At the time, Mexico's domestic production was declining rapidly, down to 2.07 mbd by 2018 after peaking at 3.8 mbd in 2004. The focus was made on sovereignty and security, which effectively put an end to the privatization of the energy sector. Under Obrador, the decline in domestic crude production has slowed, while output could actually edge up in 2022/23 as Pemex has been investing to lift its crude output in the short term. Yet, many believe that in the longer term, international investment is needed to prevent the decline from mature fields.
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