EIA: “Mexico is one of the ten largest oil producers in the world, the third-largest in the Western Hemisphere, and an important partner in the U.S. energy trade. However, the amount of oil produced in Mexico has steadily decreased since 2004 due to natural production declines from Cantarell and other large offshore fields, though the rate of their decline has abated in recent months. The onus on arresting or reversing production declines falls squarely on the shoulders of Petroleós Mexicanos (PEMEX), the state-owned oil company, due to constitutional limits on foreign involvement in the exploration, production, and ownership of the nation’s hydrocarbon resources. Nonetheless, recently enacted and potential reforms could liberalize the sector and promote greater foreign investment.”