Future Silver Supply in Question as Mexico Oil Production Declines
If we look at the chart below, we can see just how much Mexico’s oil production has declined since 2000:
The last plot line on the chart was for June 2013 which was approximately 2.51 mbd (million barrels a day). However, according to PEMEX, Mexico’s state-run oil company, in the month of July its production of crude & condensate declined to 2.48 mbd.
You see, this is becoming a big deal. The world and media have focused too much on total oil production rather than what is referred to as “Net Oil Exports.” It doesn’t really matter how much oil a country can produce, but rather how much it can export.
If we look at the chart below, we can see that Indonesia which used to be a part of OPEC, is now a NET IMPORTER of oil: