Energy trade between Mexico and U.S has historically been driven by Mexico’s sales of crude oil to the country, the U.S. Energy Information Administration (EIA) announced Friday.
Additionally, the trade is also driven by U.S. net exports of refined petroleum products to Mexico.
According to the EIA, crude oil makes up most of the energy imports from Mexico, averaging 688,000 barrels per day (b/d) in 2015 and 588,000 b/d in the first 11 months of 2016.
In 2015, Mexico was the source of 9 percent of crude oil imported by the United States, providing the fourth-largest share behind Canada, Saudi Arabia, and Venezuela.
'From 2006 through 2014, U.S. crude oil imports from Mexico were valued at an annual average of about $30 billion, but more recently, as both the volume of crude oil imports from Mexico and world oil prices declined, U.S. crude oil imports from Mexico were valued at $12.5 billion in 2015 and $7.6 billion in 2016,' according to IEA.
Import and export values each reflect commodity volumes and their prices, the IEA underlined.
In addition, monthly trends in volumes through 2016 showed increasing U.S. petroleum product and natural gas exports to Mexico, with a generally declining trend in U.S. crude oil imports from Mexico.
- Pipeline shipments dominate U.S. and Mexico's bilateral natural gas trade
'U.S. natural gas exports to Mexico totaled nearly 2.9 billion cubic feet per day (Bcf/d) in 2015, or nearly 60 percent of all U.S. natural gas exports, and are growing rapidly,' the report stated.
In 2017 and 2018, natural gas pipelines currently under construction or in the planning stages are expected to nearly double the pipeline natural gas exporting capacity from the United States to Mexico.
It is also stated that much of this natural gas will likely be used to generate electricity, as Mexico’s energy ministry expects to add significant natural gas-fired electricity generating capacity through 2029.
By Gulsen Cagatay
Anadolu Agency
gulsen.cagatay@aa.com.tr