MassiveIndustry

(Fri, 09 Dec 2016) Mexico is a major producer of petroleum and other liquids and is among the largest sources of U.S. oil imports, accounting for 9% of U.S. crude oil imports in 2015. While Mexico’s oil production has steadily decreased since 2005, they remain the fourth largest producer in the Americas after the United States, Canada and Brazil. While the petroleum sector’s role has significantly decreased in recent years, it still generated 6% of the country’s export earnings in 2015. In 2014 in an effort to address declines in domestic oil production, the Mexican government enacted constitutional reforms that ended the 75-year monopoly of Petroleós Mexicanos (PEMEX), the state-owned oil company on domestic oil.