Mexico

Presidential hopeful Enquire Peña Nieto has pledged to make easing the state's monopoly on oil a "signature issue" in Mexico's July 2012 election, laying out plans to bring in investment and citing Brazil's Petrobras as a model. Peña Nieto's comments are especially timely, as state-owned oil company Petróleos Mexicanos (Pemex) has continued to see declining output, with crude oil production falling from an average of 3.26mn barrels per day (b/d) in 2006 to 2.52mn b/d as of Q311, leaving the company with declining revenues and insufficient funds for capital investment.

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