Mexico is currently aiming to increase its fuel imports in order to attract investment as well as to bring down the fuel prices for buyers. This energy reform activity will boost the competition among private oil firms in Mexico.
Mexico oil giant Petroleos Mexicanos (Pemex) is planning to trim its headcount in 2016. The State-run company has suffered a record loss, while its production is declining to 25-year low. Pemex has taken up a restructuring exercise to bring back profitability to the company.
Washington is facing growing international pressure to ease its long standing ban on crude oil exports, with South Korea and Mexico joining the European Union in pressing the case for U.S. oil shipments overseas.