Mexico

• [New] Oil production in the US Gulf of Mexico, which according to the US Energy Information Administration hovers near or around 1.8 million b/d currently, will likely drop a bit by year-end to 1.75 million b/d.
• [New] Biden could lean on the Mexican government to honor its environmental commitments if, as expected, he seeks to position the United States as a leader in the fight against climate change.
• [New] Net exports of gas from the United States to Mexico are forecast to grow by 2.2 Bcf/d during the 2020-2030 period.
• [New] The US automaker will build a new Honda EV in Mexico while an Acura EV will find a manufacturing home in the US.
• [New] Mexico could generate 72% more jobs - or around 1.5 million direct and indirect jobs - by 2030 compared with business as usual if it met its existing renewable electricity target to reach 35% of clean energy by 2024 and 43% by 2030.
• [New] In the last year of Mr. Obama's presidency, Canada, the U.S. and Mexico agreed to cut methane emissions by as much as 45% by 2025 from 2012 levels.
• [New] The number of countries that have legalized adult-use could double from two to four in 2021, with Israel and Mexico likely to join Canada and Uruguay.
• [New] In North America, Mexico is the only country with one planned capacity additions of about 0.07 Mtpa by 2024.
• [New] Brazil was due to start implementing rules last month and Mexico is expected to follow suit in 2021.
• The California-based company expects to perform the first suborbital tests of a prototype of its centrifugal system for launching small satellites later in 2021 from New Mexico.
• SpinLaunch expects to perform the first suborbital tests of a prototype of its centrifugal system for launching small satellites later in 2021 from New Mexico.
• In order to support nuclear-warhead modernization projects, the United States currently plans to produce 80 pits per year by 2030 at two sites: Los Alamos National Laboratory in New Mexico and the Savannah River Site in South Carolina.
• Wines from new regions will emerge from places travellers dreamed of going in 2020 including Moldova, Croatia, Hungary, Morocco, Lebanon, South Africa and even Mexico.
• Mexico should ask whether the Biden administration will be committed to trilateral coordination with Mexico and Canada if it imposes a major COVID-19 lockdown in the spring of 2021 that shuts down significant parts of the U.S. economy and limits the flow of goods to Mexico and Canada.
• A single 600 MW Gulf of Mexico offshore wind project commissioned in 2030 could support 4,470 jobs and create $445m in GDP during construction, and 150 jobs and $14m in GDP annually during operation.
• Total remittances to Mexico will reach $40 billion by the end of the year.
• Wines from new regions will emerge from places travelers dreamed of going in 2020 including Moldova, Croatia, Hungary, Morocco, Lebanon, South Africa and even Mexico.
• Stubbornly high inflation in Mexico may prevent further monetary policy easing, while we would not be surprised to see rate hikes in Brazil in 2021 to combat inflation.
• In an ironic turn of events, Mexico is making a hedging profit just as the OPEC + deal the Latin American country walked away from earlier in 2020 is threatened by infighting over production levels.
• RMS estimates insured losses from Delta in Mexico to amount to less than $500 million, while the cat risk modeller estimates that insured losses to offshore platforms, rigs, and pipelines in the Gulf of Mexico will not exceed $1 billion from wind and wave-driven damages.
• In New Mexico - where economists have projected a nearly $1 billion budget deficit - Democratic Gov. Michelle Lujan Grisham's administration has urged state agencies to cut spending by 5% through next year.
• Global competitiveness is key to the U.S. dairy industry's continued growth and the United States must take a proactive approach in developing market access opportunities that allow U.S. products to compete on a level playing field.

Last updated: 19 January 2021