| Sumario: | The first part of this article examines the decline of Mexican exports in the context of growing production in the United States and Canada, analyzes the evolution of the market for heavy crude on the U.S. Gulf coast, and looks at the prospects for production of Mexican heavy crude. The second part focuses on the geographic direction of exports, examines prices (especially for heavy crude), explores other aspects of PEMEX’s commercial policies, and underlines the onerous cost of the diversification of crude exports to Europe and Asia. The article concludes that PEMEX’s current export strategy is out of date and recommends that the state-owned company restructure it in order to address the new circumstances of the oil market both in Mexico and abroad.
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