This plays into the long term iTulip thesis nicely in regard to oil. I'm sure this has been discussed, but here is an update on the continued sharp decline in production at Cantarell that began three or so years ago. This may be from geological limitations or Pemex shortfalls in development, but either way, it will put pressure on the supply of oil.

I suppose the worst case scenario is if Mexico's promises of increased oil production continue to prove wrong, as official statements during the past few years have almost without fail. In that case, exports from Mexico would end in the next several years.