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Mexico Has Oil Reserves for the Next 30 Years: AMLO

OIL

Mexico’s President Andres Manuel Lopez Obrador (AMLO) said May 8 that Mexico has sufficient oil reserves for the next 25-30 years, as reported by El Universal.

  • AMLO said that despite the move towards green energy, oil will continue to be used, so the fuel will be a legacy for the next generations.
  • AMLO highlighted that the government chose not to exceed the extraction of 1.8m b/d and instead of exporting crude, is using it to produce gasoline domestically.
  • Mexico is redirecting some of its planned crude exports to be used in refineries such as the new 340k b/d Olmeca (Dos Bocas) refinery.
  • However, the refinery has been hit by delays and is yet to produce gasoline.
  • AMLO’s goal of reaching energy self-sufficiency by the time his term end is also falling well short.
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