MEXICO CITY .- Mexico’s mix plummeted 31.66 percent on Monday compared to Friday’s price of 24.43 dollars per barrel, in line with drops in global benchmark prices.
This is the largest drop in absolute and relative terms since the year 2000.
In addition, Mexican oil was not priced below $25 dollars since February 2016.
West Texas Intermediate (WTI) oil closed on Monday with a 24.59 percent drop, to $31.13 a barrel, and Brent lost 24.1 percent, to $34.36.
The sharp drop in oil prices, triggered by the decision of Saudi Arabia and Russia to increase their oil production despite a decline in demand, has affected producers worldwide.
Following the collapse of negotiations between Arabia and Russia at the last meeting of the Organization of Petroleum Exporting Countries (OPEC) at the end of last week, Riyadh announced a drastic reduction in oil prices and is preparing to increase production as part of an aggressive campaign to snatch market share from Moscow.
The Yucatan Times
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