Crude production has slowed in parts of Latin America as oil majors struggle to pump for profits. Mexico and other Latin American countries have been relying more heavily on the United States for petroleum imports for several months now, which has led to an interesting trend. For the first time since 1993, the U.S. has a trade surplus in petroleum with Mexico. The monthly average for this past November had U.S. net exports with Mexico at over 300,000 barrels of oil per day. The average for the fourth week in January was over 2,728,000 barrels per day. The surplus grew substantially in less than three months. This is due to the fact that Mexico is unable to produce as much at these OPEC inflated oil prices. (Click to enlarge) On top of this, Mexico has an immense demand for refined petroleum but lacks refinery capacity. As a result, they […]