The Street – With prices of crude oil at fresh five-year lows, investors are wondering when Saudi Arabia might finally cry uncle, cut oil production and reverse the dramatic slide in oil prices. Yet Mexico, a non-OPEC country and third largest exporter of oil to the U.S. behind Canada and the Saudi Arabia, could have nearly as much near-term influence on oil prices as Saudi Arabia if they cut their own production.
Reuters – Mexico said will cap the number of shallow water contracts companies can bid for as it outlined the tender for the first leg of the country’s energy sector opening.
Bloomberg – KKR & Co. is looking at possible investments in Mexico as the nation ends a seven-decade state monopoly in oil production, said David Petraeus.
Financial Times – Mexico is developing gas futures contracts to exploit demand for hedging tools as the country opens up the hydrocarbons sector it has closed for nearly 80 years.
Financial Times – Appearances are very important in Mexico. So the head of Pemex looked rather conspicuous by his absence at the launch of the long-awaited tender terms.
CNBC – Mexico is one of the few oil producers that might not be concerned about the massive drop in the price of oil. Regardless of market price, the nation will get $76.50 per barrel.
Bloomberg – Mexico expects a first package of offshore oil licenses to generate about $14 billion of investment as the country seeks to halt a decade-long output slide.