Proven Mexico oil reserves down by 21 per cent in 2015

Mexico oil reserves down to 10.24 billion at the end of 2015 from 13 billion at the end of 2014

Mexico oil reserves have dropped significantly, according to the country’s oil commission.

MEXICO CITY _ Mexico’s government oil commission says the country’s proven reserves of oil and gas dropped by a startling 21 per cent in 2015.

The commission said Thursday that combined oil and gas reserves amounted to 10.24 billion barrels of crude equivalent at the end of 2015, compared to 13 billion barrels at the end of 2014.

Mexico’s state-owned oil company has been thrown into crisis by the drop in world oil prices.

The drop in revenue and temporary cash-flow problems have led the company to cut back on exploration.

The Canadian Press