In the past three decades the oil and energy cooperation between Iran and Mexico had faced many ups and downs; Following Mexico’s half-hearted oil agreements in the 80s, it is predicted that the lift of sanctions against the Islamic Republic will lead to fresh rounds of oil and gas cooperation between Tehran and Mexico City.
Although Iran holds the title of owning the world's largest hydrocarbon reserves with over 157 billion barrels of recoverable oil and 34 trillion cubic meters of gas reserves, Mexico too has a strong presence in the world’s energy market with some 10 billion barrels of crude oil reserves and a daily production of 2.9 million barrels of oil and about 483 billion cubic meters of natural gas.
Meanwhile, with the visit of Mexico’s labor secretary Alfonso Navarrete Prida to Tehran and his negotiations with Iranian Oil Minister Bijan Zanganeh, the ice in the two countries’ relations in the field of oil and energy seem to be thawing after a long period of suspense.
The Mexican minister after a meeting with Zanganeh on Tuesday said the two held talks on oil agreements and expansion of relations in the wake of the removal of anti-Iranian sanctions following the recent nuclear agreement between Iran and the 5+1 group of countries.
“Mexico has as of yet started many oil and energy projects and welcomes expansion of cooperation with other countries; as such, Tehran and Mexico City can have good cooperation in this field,” said the Mexican labor secretary.
Bijan Zanganeh also said that the two countries have held talks on exploration, communication and technology and a memorandum of understanding has been signed.
“Mexico expressed readiness to cooperate with OPEC should OPEC decide to enter market management,” Zanganeh added.
According to BP Plc data, Mexico is the third-largest producer in the Western Hemisphere. The Latin American nation isn’t a member of the Organization of Petroleum Exporting Countries, though it has cooperated with OPEC before by cutting output in efforts to buttress prices. The group supplies about 40 percent of the world’s oil.
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