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The organization was founded in the 1970s to help members respond to crises like the embargo imposed by the Arab members of the Organization of Petroleum Exporting Countries.

Usually featuring only member states, the IEA's latest drill was its broadest ever in terms of actual participation, with 44 countries playing a role.

Through a series of reforms meant to draw investors into the energy sector, Mexican President Enrique Peña Nieto's vision could bring in up to $415 billion in investments over the next 20 years.

"The ambitious and successful energy reforms of recent years have put Mexico firmly on the global energy policy map," IEA Executive Director Fatih Birol said.By entering the "most important energy forum in the world," Mexico is the newest, and first Latin American, country to join the IEA, its government announced.Mexico deposited its signature on the treaty for the International Energy Agency in Belgium during the weekend, becoming the first member in Latin America.The prospective resources associated with the contracts are 2.8 billion barrels of oil equivalent.Mexico aims to produce around 3.5 million barrels per day by 2025.Production there has been on the decline and the 2025 goal would represent an increase of more than 1 million barrels per day based on a recent average.

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