Expert predicts expansion of cooperation between Russia and Mexico in the field of oil

The Russian Federation and Mexico can expand their cooperation. There are opportunities for development in the fuel and energy sector, as well as in the development and implementation of projects related to rare-earth metals. Iqbal Guliyev, deputy director of the International Institute of Energy Policy and Diplomacy of MGIMO, expressed this opinion in a conversation with Izvestia on February 4.

Earlier, on February 3, the Mexican Embassy in Moscow told Izvestia that trade turnover between Russia and Mexico reached $1.3 billion in 2024. In the first four months of 2024, the volume of bilateral trade amounted to $759.99 million, which is 9.8% more than in the same period of 2023. At the same time, Russian exports totaled $752 million (+10.4% compared to January-April 2023).

"We see that US President Donald Trump is strengthening the tools of trade wars against his neighbors - Mexico and Canada, which are the leading players in the global energy markets. But it is impossible to say that there is a direct link between the introduction of US duties against Mexico and the increase in turnover with Russia," Guliyev explained.

According to him, after the imposition of duties, American refiners want to get out of the situation and find alternative suppliers of Mexican oil. Mexico, in turn, is looking for new markets.

"Opposition to U.S. sanctions and trade wars in a sense unites countries such as Mexico, Russia and a number of other countries subject to sanctions or trade restrictions," Guliyev summarized.

Earlier, on February 3, Igor Yushkov, an expert of the Financial University under the Government of the Russian Federation and a leading analyst of the National Energy Security Fund, told Izvestia about the negative consequences of the introduction of U.S. duties. According to him, the imposition of duties on goods from China and threats to introduce similar measures against the European Union may slow down global trade. This means that the need for energy for production and transportation of goods will decrease, which in turn may lead to a shortage of oil and its rise in price.