The irreversible decline of Mexico’s Cantarell field has been the subject of steady discussion in the industry. The broad consensus is that Mexican oil production levels are at serious risk, with concomitant implications for international oil markets. For the most part, however, analysts have focused on what a drop-off would mean for the US, 16% of the crude imports of which come from its southern neighbor.But what does Cantarell’s decline means for Mexico itself, currently the world’s sixth largest oil producer? Consider these issues: Oil export revenues form the primary pillar of Mexico’s drive toward modernization and economic growth. Funds from the state-owned ...