North America to drown in oil as Mexico ends monopoly

When it rains, it pours — crude oil, in this case. And the flood is about to become a deluge in North America as Mexico dismantles a 75-year-old barrier to foreign investment in its oil fields.

According to a report from Bloomberg, Mexican President Enrique Pena Nieto is seeking an end to the state monopoly over one of the biggest crude resources in the Western Hemisphere. The doubling in Mexican oil output, that Citigroup Inc. (NYSE: C)  said may result from inviting international explorers to drill, would be equivalent to adding another Nigeria to world supply, or about 2.5 million barrels a day.

With U.S. refineries already at processing capacity, producers are calling for a repeal of export restrictions which outlaw overseas sales of American crude.

Read more from Bloomberg.