Changes sought for oil monopoly
- Share via
From Times Wire Reports
Mexican officials said state oil monopoly Pemex is in “critical” condition, as the country’s proven reserves fell from the equivalent of 9.7 years of production to 9.3, and daily oil output declined by 2.3% to about 3.2 million barrels in 2006.
In an unusually critical assessment, officials said the company had to become more efficient, increase exploration and open itself to outside expertise and investment.
Mexico is the No. 2 supplier of oil to the United States.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
