Oil Reserves in Mexico
Mexico holds 9,711,000,000 barrels of proven oil reserves as of 2016, ranking 17th in the world and accounting for about 0.6% of the world's total oil reserves of 1,650,585,140,000 barrels. Mexico has proven reserves equivalent to 13.0 times its annual consumption.Geographically speaking – Mexico is varied. It certainly has its share of coast boasting over 9,000 kilometres of coastline and its share of arid desert regions, but it also offers lush tropical jungles, mangrove forests, volcanic plateaus and canyons.
Petróleos Mexicanos (Pemex), Mexico's national oil company, owns and operates the country's six petroleum refineries, which have a combined atmospheric crude oil distillation capacity of about 1.6 million b/d. Pemex's refineries are mostly configured to process light crude oil.
The oil firms resisted both the government and the union until March 18, 1938, when President Lázaro Cárdenas (1895–1970) nationalized the Mexican assets of Shell, Standard Oil, and fifteen other foreign-owned companies. In July 1938 the Cárdenas government established Petróleos Mexicanos (PEMEX) to administer them.
Wikipedia. Pemex. Petróleos Mexicanos, which translates to Mexican Petroleum, but is trademarked and better known as Pemex (Spanish pronunciation: [ˈpemeks]), is the Mexican state-owned petroleum company, created in 1938 by nationalization or expropriation of all private, foreign, and domestic oil companies at that
Countries
| Proven reserves (millions of barrels) | U.S. EIA (start of 2017) | OPEC (end of 2017) |
|---|
| Country | Rank | Reserves |
|---|
| Venezuela (see: Oil reserves in Venezuela) | 1 | 302,809 |
| Saudi Arabia (see: Oil reserves in Saudi Arabia) | 2 | 297,700 |
| Iran (see: Oil reserves in Iran) | 3 | 208,600 |
Despite being one of the largest crude oil producers in the world, U.S. consumption exceeds domestic production. In 2018, the U.S. imported $16 billion of mineral fuel from Mexico. This category includes coal, petroleum and natural gas.
The top five oil-generating countries are as follows:
- United States. The United States is the top oil-producing country in the world, with an average of 17.87 million b/d, which accounts for 18% of the world's production.
- Saudi Arabia.
- Russia.
- Canada.
- China.
Despite being one of the largest crude oil producers in the world, U.S. consumption exceeds domestic production. In 2018, the U.S. imported $16 billion of mineral fuel from Mexico. This category includes coal, petroleum and natural gas.
Mexico produces 2,484,354.88 barrels per day of oil (as of 2016) ranking 11th in the world. Mexico produces every year an amount equivalent to 9.3% of its total proven reserves (as of 2016).
Most of Mexico's production decline involves one enormous oil field in the Gulf of Mexico. From 1979 to 2007, Mexico produced most of its oil from the supergiant Cantarell Field, which used to be the second-biggest oil field in the world by production.
For home cooking, by far the most commonly used oil for cooking is vegetable oil. Corn, canola and soy are the most common. Peanut oil is hard to find. Mexican street food will often use lard.
Sales from oil account for nearly a third of all government revenue. Remittances from Mexican immigrants in the United States to their families back home are a major source of income in Mexico, second only to oil and surpassing even the tourism industry.
Petróleos Mexicanos, which translates to Mexican Petroleum, but is trademarked and better known as Pemex (Spanish pronunciation: [ˈpemeks]), is the Mexican state-owned petroleum company, created in 1938 by nationalization or expropriation of all private, foreign, and domestic oil companies at that time.
Pemex is the state-owned Mexican petroleum company, and operated 46 of Mexico's 9,930 gas stations as of 2018.
President
| Candidate | Party | Votes |
|---|
| Enrique Peña Nieto | Institutional Revolutionary Party | 19,158,592 |
| Andrés Manuel López Obrador | Party of the Democratic Revolution | 15,848,827 |
| Josefina Vázquez Mota | National Action Party | 12,732,630 |
| Gabriel Quadri de la Torre | New Alliance Party | 1,146,085 |
Mexican Expropriation of Foreign Oil, 1938. On March 18, 1938, Mexican President Lázaro Cárdenas signed an order that expropriated the assets of nearly all of the foreign oil companies operating in Mexico.
