Mexico submitted on Nov. 16 a request to join the International Energy Agency (IEA) as the energy policy adviser to industrialized countries seeks to expand its member base.
Mexican Secretary of Energy Pedro Joaquín Coldwell presented IEA Executive Director Fatih Birol with a letter requesting to join the organization that currently includes 29 member countries, the IEA said in a statement.
"This presents an excellent opportunity for the IEA to strengthen its ties with Mexico, and opens the door to greater engagement across Latin America. It is a key step towards our objective of building a truly global international energy organization," Birol said.
The Paris-based IEA was founded in 1974 in the wake of the 1973 oil shock in order to advise western economies on how to deal with supply disruption. The organization has in recent years tried to expand and include developing economies, creating partnerships with countries including China, Brazil, India, Indonesia, South Africa and Thailand.
Mexico is the third-largest oil producer of the Organization for Economic Co-operation and Development, according to the IEA.
Once the IEA's governing board approves the request, the IEA will work with Mexico on steps required to meet its conditions for membership, including the need to hold oil reserves eqiuvalent to 90 days of net imports.
Recommended Reading
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
PrairieSky Adds $6.4MM in Mannville Royalty Interests, Reduces Debt
2024-04-23 - PrairieSky Royalty said the acquisition was funded with excess earnings from the CA$83 million (US$60.75 million) generated from operations.
Equitrans Midstream Announces Quarterly Dividends
2024-04-23 - Equitrans' dividends will be paid on May 15 to all applicable ETRN shareholders of record at the close of business on May 7.
SLB’s ChampionX Acquisition Key to Production Recovery Market
2024-04-21 - During a quarterly earnings call, SLB CEO Olivier Le Peuch highlighted the production recovery market as a key part of the company’s growth strategy.
PHX Minerals’ Borrowing Base Reaffirmed
2024-04-19 - PHX Minerals said the company’s credit facility was extended through Sept. 1, 2028.