MEXICO: MAJOR OIL PRODUCER
Mexico is one of the 10 largest oil producers in the world, the third-largest in the Americas after the United States and Canada, and an important partner in the U.S. energy trade. However, Mexico's oil production has steadily decreased since 2005 as a result of natural production declines from Cantarell and other large offshore fields. The rate of total production decline has abated in past several years. In December 2013, in an effort to address the declines of its domestic oil production, the Mexican government enacted constitutional reforms that ended the 75-year monopoly of Petroleós Mexicanos (PEMEX), the state-owned oil company.
Oil is a crucial component of Mexico's economy. The oil sector generated 13% of the country's export earnings in 2013, a proportion that has declined over the past decade, according to Mexico's central bank. More significantly, earnings from the oil industry (including taxes and direct payments from PEMEX) accounted for about 32% of total government revenues in 2013. Declines in oil production have a direct impact on the country's economic output and on the government's fiscal health, particularly as refined product consumption and import needs grow.
Mexico's total energy consumption in 2012 consisted mostly of oil (53%), followed by natural gas (36%). Natural gas is increasingly replacing oil as a feedstock in power generation. However, because Mexico is a net importer of natural gas, higher levels of natural gas consumption will likely depend on more pipeline imports from the United States or liquefied natural gas (LNG) imports from other countries. All other fuel types contribute relatively small amounts to Mexico's overall energy mix. Most of Mexico's non-hydro renewables consumption is attributable to traditional biomass, the use of which is important in rural areas. The country also has noteworthy geothermal and wind energy sectors.
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