Oil Crunch Possible, Mexican Report Says

Domestic consumption of crude oil will continue to rise and Mexico may stop being a major exporter by the end of the century if no new deposits are found, the Mexican Petroleum Institute says in a report.

The report said the state petroleum monopoly Pemex will have to cut down on exports and increase current proven reserves by at least 12.5 billion barrels during the next 11 years just to keep up with growing domestic demand.