Pemex

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When it comes to Latin American oil, South Florida’s attention seems exclusively fixed on South America. We focus on petro-titans like Venezuela and Brazil because we do so much trade with and receive so many immigrants from that region. But this week it was hard not to look west – across the Gulf of Mexico, at one of the most important oil reforms in almost a century.

Late Wednesday night, Mexico’s Congress approved President Enrique Peña Nieto’s plan to allow private and foreign participation in the country’s state-run oil industry for the first time in 75 years.