On Monday December 1st, the oil price dropped to US$62.27 dollars, 7.51 dollars below Wednesday’s November 26th price, one of the largest drops in three days in recent years.
In three working days the average price of Mexican crude oil for export lost 10.76% of its value, which is equivalent to US$7.51 per barrel.
The last time Mexican oil was this cheap was in May 20, 2010, when it cost US$62.15 per barrel.
The collapse in the price of the three types of domestic crude (Istmo, Maya and Olmeca) was due to the behavior of the international market, according to the Institutional Data Base of Petróleos Mexicanos (Pemex).
After two consecutive days in which Pemex reported no movements in the price of domestic crude (since Thursday last week) because of Thanksgiving holidays in its main market, the United States, the last available price of Mexican oil was that of Wednesday 26, when it reached US$69.77 per barrel.
On Monday it dropped to US$62.27 dollars, 7.51 dollars below Wednesday’s price, one of the largest drops in three days in recent years.
Analysts say that it is unlikely that crude oil prices improve in the short and medium term.
On November 5 Finance Minister Luis Videgaray said that the government will use its oil hedging “if international prices fall below US$70 a barrel in annual average.”
On November 14, 2013 the Ministry of Finance bought oil hedging for US$450 million to protect public finances in case of a sharp drop in oil prices.
“Public spending for this year is fully protected. We do not have any risk for this year and neither for 2015 because of the hedging program,” Videgaray explained.
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