Mexico's proven oil reserves down a whopping 21 percent

The Associated Press

Mexico's government oil commission says the country's proven reserves of oil and gas dropped by a startling 21 percent in 2015.

MEXICO CITY (AP) — Mexico's government oil commission says the country's proven reserves of oil and gas dropped by a startling 21 percent in 2015.

The commission said Thursday that combined oil and gas reserves amounted to 10.24 billion barrels of crude equivalent at the end of 2015, compared to 13 billion barrels at the end of 2014.

Mexico's state-owned oil company has been thrown into crisis by the drop in world oil prices.

The drop in revenue and temporary cash-flow problems have led the company to cut back on exploration.

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