The commercial division of Mexico's national oil company, Pemex
PMI Comercio Internacional, has some bad news for U.S. oil consumers. Mexico will be sending America less oil this year - to the tune of 184,000 barrels per day. The cuts will continue for at least the next two years because production of crude in Mexico has been falling. Mexico, which
provided the U.S. with 1.41 million barrels per day in 2007,
has been the number three supplier of oil to the U.S. behind Canada and Saudi Arabia. So far through the first four months of 2008, Mexico has only been averaging 1.17 million barrels per day. Unless some other supplier can or does step up and fill the gap, oil supplies in the U.S. will definitely be tightening in the next few years, meaning that prices at the pump will likely climb further.
[Source: El Universal]