López Obrador says that Mexico will stop selling oil abroad

López Obrador says that Mexico will stop selling oil abroad



The president-elect of Mexico, Andrés Manuel López Obrador, said today that the country will extract only the oil it requires to satisfy domestic consumption, and that it will stop exporting this resource abroad.

"We are not going to sell, in the medium term, crude oil abroad, we want to process all our raw material," said the leftist politician at a conference held in the southern state of Tabasco.

López Obrador said that his government will not aspire to "extract a lot of oil," because "that is an inheritance that must be left to the new generations."

"We are going to extract only what is needed for our internal consumption," he added.

For this "what we need is around 2 million 500,000 barrels (daily), that is our goal, not to produce, as 2003 or 2004, 3 million 400,000 barrels."

The politician recalled that oil is a non-renewable resource and that, therefore, we must "take care of it" and not betting to extract it in "excessive" amounts.

Instead, work will be done to strengthen renewable energies, such as wind and solar, in which more investment will be made, he said.

Despite this, the leader of the National Regeneration Movement (Brunette) again defended his approach that oil production, anyway, has to increase, because currently "we are producing just one million 800,000 barrels per day."

Since the energy reform of 2013, driven by the current government of Enrique Peña Nieto, Mexico has lost "one million 200,000 barrels per day of crude oil production."

"That is why it is urgent to extract oil, intervene to drill wells and extract oil from wells that are already in production and that require special intervention," he said.

Last July, López Obrador announced a total investment of 304,000 million pesos (13.8 million euros) to strengthen the Mexican energy sector and increase oil production.

The new Executive, which begins its functions on December 1, will build a new refinery in the oil port of Dos Bocas (Tabasco), with which the president-elect intends to fulfill his campaign promise to stop buying gasoline abroad.

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