Mexico says it's No. 5 in world oil output

Mexico has 20.3 percent more energy reserves than previously believed and is now the world's fifth-largest producer of oil, President Jose Lopez Portillo said in his annual state of the nation address. The President put proven oil and gas reserves at 60.1 billion barrels, ranking Mexico behind only Saudi Arabia, the Soviet Union, Kuwait, Iran, and Iraq in proven reserves. Possible overall reserves stand at 250 billion barresl, he said, two-thirds of which is oil and the rest gas. The United States buys about 60 percent of Mexico's oil exports.

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