Mexico relies on US as oil supply falls and gas demand rises
As its oil production keeps falling, Mexico is turning to natural gas to diversify its energy supply and fuel economic growth. Increasingly, it is relying on booming US supplies to do the job
According to the World Bank, Mexico's economy grew at an impressive 3.9% in 2012 and is on track to post growth of 3.5% in 2013. Yet 52 million people - almost half of the population - live in poverty. Another 11.7m, or 10%, live in "extreme" poverty, earning less than $76 per month. President Enrique Peña Nieto took office in December 2012 promising to increase living standards. But falling oil production, historically the mainstay of the country's export revenues, is threatening his ambition. In 2010, oil accounted for 14% of export earnings and 32% of government revenues, according to the Mexican central bank. Rising crude prices have offered some relief. The value of Mexican oil exports
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
