MEI Report No. 803: Mexico’s Energy Reform in 2015
A Blowout in the First Year
THE DEPRECIATION OF THE MEXICAN PESO, touching MX$/19 to US$1, reflects, in large measure, the unfulfilled expectations of lenders and investors concerning the results of the first year of the roll‐out of the energy reform legislation of 2014. Lenders and investors expected that the new market design for the energy sector, especially in the upstream, would attract major oil companies with strong capital commitments. Such investments, in turn, would make the argument that oil production, exports and foreign exchange earnings would put Mexico in a position to assume new debt and replay existing obligations.
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