Mexico's oil reserves could begin to run out before 2010

Jul 28, 2000 02:00 AM

Mexican Economic Research Institute (IIE, as a Spanish acronym) expert Rafael Pedrero said that if the current government policy of increasing oil exports remained in place, and if the economy continued to grow at a rate in excess of 5 % per year, the nation's oil reserves would begin to run out before the year 2010.
At the current rate of drilling, Mexico is using up its proven reserves, and could reach a point where it will cease exporting and be forced to import crude, said Pedrero. He said Mexican government energy policy had been backed by oil-consuming countries such as the United States, which had led to low prices. Energy policymakers in Mexico had not taken a long-term view, he said.

Source: El Financiero/InfoLatina via Newspage
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