• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 20 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours Evergrande is going Belly Up.
  • 18 mins World’s Biggest Battery In California Overheats, Shuts Down
  • 9 hours U.S. Presidential Elections Status - Electoral Votes
  • 3 hours Poland Expands LNG Powered Trucking and Fueling Stations
  • 7 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 day And now, hybrid electric locomotives...
  • 10 hours Ozone layer destruction driving global warming
  • 24 hours The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 1 day The Painful Death of Coal
  • 8 hours The coming Cyber Attack
  • 9 hours Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 12 hours 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
Will Oil’s Upward Trend Hold?

Will Oil’s Upward Trend Hold?

Crude prices are stuck in…

Democrats Divided On Biden’s $3.5 Trillion Green Energy Plan

Democrats Divided On Biden’s $3.5 Trillion Green Energy Plan

Divisions are deepening between Democratic…

Mexico Joins The IEA

Mexico has become the 30th member of the International Energy Agency, the latter announced, welcoming its first Latin American member as part of an open-doors policy aimed at strengthening the ties between the IEA and emerging economies.

The policy itself is part of a strategy to modernize the authority through closer engagement with the emerging economies as well as key energy industry players in regions such as Latin America, Asia, and Africa “towards a secure, sustainable and affordable energy future.”

The strategy also aims to expand the reach of the IEA since the share of its members’ production in global energy supply had shrunk to 40 percent in 2015. Now, after the addition of Mexico, this share has gone up to 70 percent.

The agency praised the world’s 12th largest producer of crude oil for the speed with which it covered the requirements for joining. These include crude oil and/or products reserves equal to 90 days of net imports as of the previous year that could be used quickly in case of a global supply disruption, and a program seeking to restrain demand for oil by up to 10 percent.

The IEA was set up in 1974 by Germany, Austria, Belgium, Canada, Denmark, Ireland, Italy, Japan, Luxembourg, the Netherlands, Spain, Sweden, Switzerland, Turkey, the UK, and the United States.

Mexico, however, though a large oil producer, has been having issues with expanding or even maintaining production. Last year, the average daily stood at 1.948 million bpd, down from 2.154 million bpd a year earlier and from 2.548 million bpd in 2012.

The country has been struggling with underinvestment in the energy sector due to Pemex’s monopoly position, but since 2013, when the Enrique Pena-Nieto government passed a far-reaching energy reform, there has been consistent efforts to turn things around by inviting international oil and gas companies to take part in the development of Mexico’s substantial oil reserves.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News