Cantarell is on it's Deathbed

The third largest oil field in the world, Mexico's famed Cantarell, is dying a quick death. Production dropped by 500,000 barrels a day in May over the previous year, it's biggest decline since 1995. Mexico is currently one of the top three suppliers of crude to the United States. That will change in late 2010 as Mexico will then become a net oil importer, unable to meet it's own domestic needs. With continued declines in US and North Sea production, coupled with declines from Russia and many OPEC members, oil supplies will remain tight and prices will continue to increase. Once Saudi Arabia's mighty Ghawar enters terminal decline, it might already have happened, it will officially be time to end the party. It was fun while it lasted.

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