Throughout the logic of geoeconomics and geopolitics, countries become stronger or weaker as a result of how natural resources are wielded. The power derived from the management of natural resources has deep implications for any country. Mexico has recently completed a major energy reform, ending the state monopoly on oil and gas and allowing private companies to invest in the energy sector. The reform aims at boosting the declining oil production and transforming Petróleos Mexicanos into a more competitive enterprise. When the reform was planned and implemented, the oil price was around 95 USD per barrel. However, since 2014, the international market has held decreasing oil prices that are spoiling prospects for a range of high-cost ventures in many countries. Mexico has not been the exception. This article analyzes, through the lens of geopolitics and geoeconomics, the main forces behind Mexico's energy reform. We also conclude that external actors are prevailing on the Mexican energy scenario; that Pemex is becoming weaker, not stronger; and that in the midterm the country's energy security will most likely be in the hands of few international oil companies.
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