Carlos Slim Invests $1 Billion in Oil

Carlos Slim, the wealthiest individual in Latin America, has invested $1 billion in 2024 to expand his portfolio in crude oil production and refining, reflecting confidence in the ongoing demand for fossil fuels. His investments include $602 million in U.S. refiner PBF Energy, raising his stake to 25%, and $326 million in Houston-based Talos Energy, increasing his ownership to 24.2%. Talos' board has implemented a poison pill strategy to limit Slim's stake to under 25% following his investment. Despite his net worth surpassing $100 billion, Slim's fortune has declined by 22% this year to $81.8 billion, largely due to a weakened Mexican peso and losses in his major assets. His previous comments indicate a desire to deepen his understanding of refining and seek partnerships in the Gulf of Mexico region. Slim's strategic purchases often occur during stock price declines, showing a long-term investment outlook in the oil sector.