Mexico may become the latest country to join 29 other member countries part of the International Energy Agency. Mexican Secretary of Energy Pedro Joaquin Coldwell, upon submission of the request, made a statement saying:
“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”.
The IEA governing board must approve the request before Mexico can receive Agency help to meet the required conditions for membership, which include: holding oil reserves for the equivalent of 90 days of net imports, a demand restraint program for reducing national oil consumption by up to 10%, legislation and organization necessary to operate, on a national basis, the CERM and legislation and measures in place to ensure that all oil companies operating under its jurisdiction report information as is necessary.
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