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Mexico Cuts Oil Spending to Nine-Year Low as Foreign Firms Enter

  • Pena Nieto proposed $17 billion in 2016 Pemex investment
  • Mexico not considering cutting oil output to boost price
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Mexico plans to spend the least in nine years to explore for oil, relying instead on foreign companies to help reverse a decade-long decline in production.

Even as President Enrique Pena Nieto announced late Tuesday that Mexico would reduce its investment in Petroleos Mexicanos by 20 percent in 2016, Finance Minister Luis Videgaray said the company has no plans to pump less to support oil prices that have plunged by more than half in the past year.