Mexico

Mexico faces moderate vulnerability despite being an oil producer, primarily due to its 25% oil import dependency, particularly for refined products. Gasoline prices are $1.12/L, and while reserves stand at 95 days, state-owned Pemex is under significant financial pressure, impacting investment and stability. Moderate food risk and a substantial +38% increase in fertilizer costs add to economic strain. The outlook for Mexico suggests continued challenges in managing fuel supply and domestic economic stability, exacerbated by global price volatility.