Will Mexico Join North American Production Boon?

Declining production, coupled with low levels of investment in domestic refineries and crude exploration have diminished Mexico’s role as a major crude oil producer and exporter. Mexico’s domestic crude oil production and export volume have fallen by nearly 1 million barrels per day (mbpd) since 2006. At the same time, steady economic growth has increased domestic demand for refined products, so import volumes have increased by nearly 400 thousand barrels per day (kbpd) since 2009. A new president gives some observers hope that the country can reverse these negative trends and generate crude oil production and export growth, while also reducing refined product imports. Download here