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Foreign investment could help Mexico tremendously – if only she would allow it. Mexico produced a record 3.177-million bpd of crude in 2002, up 1.6% from the 3.127-million bpd in 2001. According to Raúl Muñoz, Director of Petróleos Mexicanos (Pemex), production in 2006 could rise to 4 million bpd. Yet the euphoria over the news about 2002 production data may not last long.
As our Latin American contributor Mayra Rodríguez Valladares reports, analysts not tied to the government believe that, after 2010, production will level off and then start falling steeply. In fact, International Energy Agency data show that Mexican daily consumption will total about 3.5 million bpd by 2030, while production will only be about 2.7 million bpd, forcing the country to become an oil importer.
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Houston, TX - November 4-5
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