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Baker Institute: Mexico could become oil importer by 2020

05/16/2011
Without sufficient investments in oil field development and the use of new, advanced technologies, Mexico faces becoming a net oil importer in 10 years, according to research by Rice University's James A. Baker Institute and Oxford University.Were state oil company Petroleos Mexicanos able to develop fully its oil in line with international standards and technology, Mexican citizens could earn $1,055/capita/year by 2020, vs. $546/capita/year if current trends continue, the report said.Mexico's oil production peaked at 3.9 million b/d in 2004. Since 2005, output has fallen by more than 25% to 2.98 million b/d in 2010.Mexico faces not only falling production but also rising demand.Demand fo...
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