Mexico’s secretary of energy said from Paris his country submitted a formal request to join the Western-backed International Energy Agency. Founded in the wake of an Arab oil embargo in the 1970s, Mexican Energy Secretary Joaquin Coldwell said joining the Paris-based IEA would advance regional interests . “The IEA offers a forum to develop joint answers and global co-operation schemes to guarantee energy security, promote economic development and foster environmental sustainability worldwide,” the secretary said in a statement. Mexico is the second-largest economy in Latin America and the fourth-largest producer in the region, after the United States, Canada and Brazil, respectively. The government recently auctioned off rights to 14 tracts covering an estimated 2,600 square miles with reserve estimates of around 686 million barrels […]