Sunday May 04, 2008

Mexico to reduce oil exports to US in 2008

peakoil.com -> pennenergy.com :

Mexico will reduce its crude oil exports to the US by an average of 184,000 b/d throughout 2008. El Universal newspaper said a reduction in US-bound exports for 2008 - and possibly until 2010 - was due to Mexico's reduced oil output. El Universal said the US Energy Information Administration earlier this month predicted a 13.2% shortfall of imports from Mexico during the current fiscal year. According to EIA figures, Mexico exported 1.533 million b/d to the US in 2007. The decline in Mexican output is driven mainly by falling production at supergiant Cantarell field, according to EIA.

- Why don't they say "possibly forever" instead of "possibly until 2010" - I sure don't see another super-giant, second-largest-oilfield in the world Cantarell coming online in Mexico within the next 2 years. Do you?

Check out this chart from theoildrum.com, aptly titled "Mexico's Oil Production is Collapsing" :

Looks like we're closer to the worst-case scenario than the optimistic one.

See also :

1. Mexicos Cantarell oil production declined at 18% depletion rate in 2007
2. Mexico's oil output cools
3. Will Mexico soon be tapped out?
4. Fiscal crisis for Mexico as oil starts to dry up
5. Second largest oil field dying

(2008-05-04 19:31:26 SGT) [Energy] Permalink

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