Pena Nieto announces the shutdown of the Cantarell field in Mexico By Energía 16 Posted on 13/01/2017 0 second read 0 An oil worker with Mexico's state owned oil company, PEMEX (Petroleos de Mexico), climbs a stairway off the top of a half a million barrel capacity crude oil storage facility at the Dos Bocas terminal in the swampy south eastern state of Tabasco September 20, 2000. Oil prices have hit record highs around the world bringing chaos to many economies. The heads of state of the cartel of oil producing countries, OPEC, will gather for only the second time in the organization's history in Caracas next week to try to resolve the sky high prices. AW/MMR - RTR8HP8 Mexico’s President Enrique Pena Nieto presented on Thursday a set of measures as part of the Agreement for Economic Strengthening and Protection of Family Economy, and acknowledged Mexicos has less and less petroleum, according to Prensa Latina website. Pena Nieto explained the need to increase fuel prices and said the decline in Mexico’s oil output was caused, among other things, by the exhaustion of reservoirs like Cantarell. “Only Cantarell was able to produce, a few years ago, 2.2 mbd, today just produces 209,000 bd and many things were funded therefrom,” he remarked. “The goose that laid golden eggs was getting exhausted, it’s over,” he said. A new fair model is being attempted, and the measure –the rise in fuel prices− has negative impact, but it also has a positive side because it prevents budget items aimed at the most vulnerable sectors from being cut, he said.