EIA: Oil imports from Mexico at historic lows

WASHINGTON, May 28 (UPI) -- Though it's still the third-largest source of foreign crude, imports from Mexico are at their lowest levels in a decade, the U.S. Energy Department said.

The U.S. Energy Information Administration, the statistical arm of the Energy Department, said the United States imported 850,000 barrels of oil per day from Mexico last year, the lowest level since 1993.

The trend has developed in part as a result of increased production from shale reserves areas in the United States. Coupled with declines in Mexican oil production and exports to the United States are down 47 percent from 1993, EIA said.

On the other hand, increased U.S. oil production means exports of petroleum products to the Mexican market have increased 152 percent in the same period and most of that has been in the form of motor gasoline.

The Mexican government in December enacted legislation that ends the 75-year monopoly for state-owned oil company Petroleos Mexicanos in an effort to erase a legacy of declining oil production.

EIA in its country profile for Mexico says it has 10 billion barrels of crude oil reserves and is one of the 10 largest producers in the world.