Any decrease from Mexico is offset by increase production from Canada. Canada has the third largest proven reserves in the world.
And as the Venezuelan Commies destroy their real economy the more dependent they become on oil exports.
Venezuela now has more proven oil reserves than Saudi Arabia.
But will Venezuela’s reserves be fully developed? They’ve got a nasty habit of confiscating private equipment...so the development of their reserves will be heavily reliant on government sponsored drilling. That’s sort of why Mexico’s production is dropping steeply.
I’ve got no hope that Venezuela will be a long term player in weaning North America off of middle eastern oil. Canada - yes...but ‘Tar Sand’ oil is under political attack...time will tell if it lasts.
But hey, the more the better. I’m glad we’re increasing production. A few months ago, the Saudis started production at a shallow off-shore field, where they built artificial islands for their rigs. This is expensive, and they would have never done this, if it weren’t for North American competition. We are in a position where we can out-produce the Saudis, and the notion of a Saudi embargo becomes more laughable by the day. We’re pushing them in the opposite direction, and forcing them to increase production. That’s great.