With crude prices collapsing, Mexico’s president says his country will shut down new wells in a move that comes just over a week after he almost wrecked a global oil deal by refusing to make deep output cuts. The country invested last year in drilling new wells, Andres Manuel Lopez Obrador said during his daily morning press conference on Tuesday. But “now that oil has no value, we can shut down the valves,” he added. His reasoning: Valves on newer wells “don’t lose pressure” like those on older wells. The leader known as AMLO said Mexico will produce more oil for its refineries instead of sending it abroad, and will process one million barrels of crude oil in May. By drilling […]