The Mexican juggernaut Petroleos Mexicanos (PEMEX) has discovered a major oil field that could yield an impressive amount of the fossil fuel. The company is already the fourth-largest producer of oil in the world, and will now look to further its position. As it stands, the well site is estimated to contain 500 million barrels with another 500 million expected to lie in the surrounding area. The site, now named Navegante 1, is an extremely significant find, especially compared to the overall output of Mexico [for more crude oil news and analysis subscribe to our free newsletter ]. See the full story here → Related Posts: Citi’s Energy Outlook For 2013 Time To Buy Oil? Vote For Obama Or Romney With These Commodities Halloween Special: Three Terrifying Commodity ETF Performances Can Oil Fix U.S. Unemployment?