Mexican President-Elect Pledges To Save Country's Oil Sector
Umer Jamshaid Published October 15, 2018 | 10:48 AM
Mexican President-elect Andres Manuel Lopez Obrador has pledged to save the country's oil sector just like former Mexican President Lazaro Cardenas, who headed the country from 1934 to 1940, had done.
MEXICO CITY (UrduPoint News / Sputnik - 15th October, 2018) Mexican President-elect Andres Manuel Lopez Obrador has pledged to save the country's oil sector just like former Mexican President Lazaro Cardenas, who headed the country from 1934 to 1940, had done.
In March 1938, Cardenas announced the nationalization of the oil industry, and only in 2013, the Mexican Congress approved an energy reform opening the oil sector to private companies, including the foreign ones.
"We will produce oil because oil and gas production has been decreasing since the beginning of the energy reform. We will save the oil industry like Gen.
Cardenas did in 1938," Lopez Obrador posted on Twitter late on Sunday.
In September, Lopez Obrador, who won the election in July and will assume office on December 1, pledged that crude oil production would increase up to 2.6 million barrels per day from the current level of 1.8 million barrels per day by the end of his six-year-long administration.
In August, Pemex, Mexico's major oil and gas company, produced oil at the average level of 1,816 million barrels per day, which is a 5.9 percent decrease year-on-year, and a 28 percent decrease compared with the notch registered in August 2013.
Related Topics
Recent Stories
Saudi govt, companies consider Pakistan high priority economic opportunity: Ibra ..
Saudi Crown Prince expected to visit Pakistan this month
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 6 May 2024
Today Gold Rate in Pakistan 06 May 2024
Dubai Mum Becomes the First Ever Pakistani Woman to Climb 11 of the 14 Highest M ..
Over 37% Tobacco tax increase suggested to save lives, boost revenue
Mohsin Naqvi has offered a substantial incentive, pledging $100,000 to every pla ..
Citizens join Al Barsha Police in “An Hour for Dubai” Initiative
Art can be a powerful tool to relieve stress, Experts say at Sharjah Children’ ..
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 5 May 2024
Today Gold Rate in Pakistan 05 May 2024
Bugti assures transporters for addressing their problems
More Stories From Business
-
Saudi govt, companies consider Pakistan high priority economic opportunity: Ibrahim Almubarak
30 minutes ago -
Exchange rates for currency notes
2 hours ago -
Foreign exchange rates
2 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 6 May 2024
3 hours ago -
Today Gold Rate in Pakistan 06 May 2024
4 hours ago -
PIACL restructuring approved by SECP
13 hours ago
-
Saudi trade delegation arrives in Pakistan for investment cooperation
14 hours ago -
Saudi trade delegation arrives Pakistan for mutual investment cooperation
16 hours ago -
FPCCI urges urgent action amidst Pakistan’s economic situation
17 hours ago -
Over 37% Tobacco tax increase suggested to save lives, boost revenue
17 hours ago -
Pak-Saudi investment conference to be held on Monday
18 hours ago -
NPO launches program for development of gemstone sector
21 hours ago