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Mexico's oil forecast up 75 percent

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Staff writer ▼ | August 27, 2014
Mexico oil
Reforms   Energy Information Administration reports:

Mexico could be producing 3.7 million barrels per day of oil and other petroleum liquids by 2040, according to the Energy Information Administration's report.

That's a 75 percent increase from the outlook just a year ago when the EIA predicted that production could struggle just to maintain 2.1 million barrels per day by 2040.

The difference is the recent energy reforms approved by the Mexican government and signed into law by Enrique Pena Nieto that open the country up to foreign investment and development. Previously, state-owned Pemex has had a 75-year monopoly on energy development in the country.

Currently, Mexico produces 3 million barrels per day of oil and other liquids, which puts it on par with Texas.

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