Mexican oil no substitute for US in a Mideast pinch
Washington — The United States, which imports 700,000 barrels of oil a day from Mexico, cannot expect any dramatic increase if Middle East sources are curtailed, Mexican Finance Minister David Ibarra said. Mexico exports as much oil as it can under present production levels and cannot greatly increase production on short notice.
Mr. Ibarra said Mexico is changing its whole strategy of growth and will increasingly take advantage of its natural resources, specifically oil, to improve and balance the structure of the economy. He said the country wants to increase its capacity for foreign investment, and, with the labor force growing by 3.8 percent a year, is emphasizing the creation of jobs in the industrial sector.