Mexico, one of the world's biggest oil producers, is running out

By Valerie Rota and Patrick Harrington
October 24, 2007

MEXICO CITY (BLOOMBERG) — President Felipe Calderón of Mexico is delivering a grim message: The largest oil producer in Latin America is running out of crude. “Our oil reserves have been consistently falling,” and the decline is “severely threatening” government finances…Calderón said in his Sept. 2 address that the country held proven reserves that could last nine years. Venezuela, the second-biggest oil producer in Latin America, has reserves to keep pumping at current levels for more than a century. Full Report