President-elect Andrés Manuel López Obrador (AMLO) has indicated the government will attempt to end oil exports – by cutting production – and reduce imports of refined oil products. Ending oil exports would reduce export earnings by $26 billion based on the past 12 months exports to August 31, of which 56% headed to the U.S. Mexico’s imports of refined oil products meanwhile reached $32 billion over the same period. Cutting imports of refined oil (including both gasoline and heavier distillates) from the U.S. could boost Mexico’s trade surplus vs. America by as much $14 billion. That may...