On Thursday, August 27th, Mexican President, Andres Manuel Lopez Obrador, announced that Mexico will stop selling crude oil abroad and will only extract sufficient oil to produce gasoline to meet the needs of the country of Mexico.
According to AMLO, Petroleos Mexicanos (Pemex) is recovering from a crisis inherited from many years of neglect after the former government attempted to bankrupt the company in order to privatize oil but thanks to the current government in power they have managed to foil the plans and pull Pemex out of bankruptcy.
Mexico is expected to pump an average of one million eight-hundred thousand barrels to two million barrels per day which are estimated to be the required amount to produce enough gasoline to fuel Mexico.
The President of Mexico ended his statement claiming apart from not selling crude oil abroad, they will no longer be buying gasoline nor diesel from any foreign countries.
