Mexico to increase oil output over next five years.
The state petroleum monopoly, Pemex, announced Wednesday it will drill 1,000 new wells as part of a long-term program to boost Mexico’s crude oil production by 1.6 million barrels a day, or 58 percent, to meet increased domestic consumption. Mexico currently produces 2.75 million barrels a day and exports an average of 1.4 million daily. It is the largest foreign supplier of oil to the United States.
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