Home Feature Mexican oil plunges to $10.37 USD per barrel

Mexican oil plunges to $10.37 USD per barrel

by Yucatan Times
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MEXICO (S&P) – It is the lowest price in the last 21 years, since March 11, 1999, which further complicates the financial picture of Pemex, whose credit rating has just been downgraded by S&P.

Mexican oil sold for $10.37 on Monday, the lowest price in 21 years since March 11, 1999, further complicating the financial picture for Pemex, whose credit rating was just downgraded by S&P last Thursday.

The state-run company reported this afternoon that the price of Mexico’s export oil mix sank 20.3% or $2.6 from last Friday.

The national oil drags a collapse of 82.5% or 49 dollars concerning its maximum price reached in 2020.

In the year, the average price of the barrel is 40.9 dollars, below the 49 dollars that the government guaranteed for the 2020 budget, by hiring an oil coverage program that cost 20 billion pesos.

For Edward Moya, senior market strategist at Oanda in New York, concerns about excess supply of hydrocarbons remain high as tanks around the world reach capacity. “Raw demand will be limited for a few months after President Donald Trump admitted and rejected the distancing guidelines,” he said.

International oil prices collapsed on Monday. In particular, the barrel extracted from Texas, known as WTI and the main reference for the Mexican mixture, ended up at 20.09 dollars, although it was quoted at less than 20 units during the day.

The Yucatan Times

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