So the OPEC+ drama was pretty intense because Mexico thinks they’re special.
It’s true; our oil production has declined from around 3.8 mbpd in 2004 to 2.4 (1.7?it depends by source) mbpd in 2019. It is also true that most Mexican oil extracted (the Maya blend) is heavy, and as a result, sold for less. Pemex is also the most indebted oil company in the world.
OPEC+ requested that Mexico cut 22% of production, which is a higher percentage than many other countries (higher than any other country producing over 1mbpd), and I can see why we got up in arms about it. So I guess that if you were extra nice you could really see why Mexico is in a bit of a problem and we should get special treatment... But at the same time, we did this to ourselves.
Mexicans are obsessed with the nationalization of petroleums in the late 1930s, and oil was a very important economic engine for our country. But over the decades, corruption and underinvestment plagued the company, making it today one of Mexico’s largest sources of debt, and a bit pointless. It’s kind of the one that got away... and as hard as it might sound to get over it... Well, we need to get over it.
Economic development can occur in other ways, and it is harder and requires more of the private sector but with such aggressive competitors overseas... why the hell are we trying to base our economic development on such a volatile commodity... especially if our oil is particularly worthless?
I don’t know. But we were rescued (?) by the US, who miraculously decided to take up some of our burdens. Of the 0.4mbpd cut OPEC+ requested from us, we agreed to 0.1, and the US would make up by agreeing to cut an additional 0.25. Maybe Trump asked nothing in exchange... but in the very likely case that he did. How many Central American immigrants are we going to murder on his behalf at our southern border?