Mexico reports 6% hike in oil and gas reserves

President Jose Lopez Portillo announced a 6 percent increase in the proven oil and gas reserves of Mexico, the world's fourth-biggest oil producer. In his annual state of the nation address Tuesday, he told Congress the reserves totaled 72 billion barrels, compared withe the 67.8 million barrels reported last March.

Despite a market glut that had reduced demand for Mexican oil, Exports will average at least 1.25 million barrels a day for the rest of this year, he said.He added that oil exports would earn Mexico more than $15 billion this year , compared with $10.4 billion in 1980.