Could Mexico's higher oil output help the U.S.?

Along with Venezuela and Brazil, Mexico is one of Latin America’s largest oil producers. The U.S. receives most of Mexico’s oil exports to the tune of nearly 1.5 million barrels per day. Aside from Canada, the U.S. relies on Mexico as a "politically stable oil source".

It would be foolhardy to assume that an increase in Mexican oil exports would significantly lower energy problems in the U.S. Yet more oil production may help relieve a sagging Mexican economy and could help its northern neighbor:

Mexico's faltering crude oil output should recover to 3.0 million barrels per day in 2015, Energy Minister Georgina Kessel said on Wednesday.

Kessel told senators in a presentation that state oil monopoly Pemex expected to be producing between 2.7 million and 2.8 million bpd over 2009 and 2010, around the same level as today.

Mexican oil production has been falling for six consecutive months as output at the major Cantarell field has dropped far below Pemex's expectations.

In addition, the AP reported that Mexican officials have sought talks with the U.S. over a discrepancy in offshore oil fields shared by both countries.

Last year, Mexico’s legislature passed an energy reform package that was touted by the government. Nevertheless, deep opposition from some politicos and the delayed appointments of Pemex officials have slowed the reforms.

Image- USA TODAY
Online Sources- The Latin Americanist, BBC News, AP, Reuters, Time, IHT