Mexican oil exceeds $ 75 usd for the first time in 3 years


A barrel of national crude was sold at 75.02 dollars, its highest price since October 2018, while the US hydrocarbon approached 80 units

The price of Mexican oil exceeded $ 75 for the first time in three years, as market participants continue to assimilate the agreement reached by the Organization of the Petroleum Exporting Countries (OPEC) and its allies.

This Tuesday, Petróleos Mexicanos (Pemex) announced that it sold the Mexican oil mix at $ 75.02 per barrel and it is the highest price since October 10, 2018, when it was exchanged at 75.77 units.

The national hydrocarbon rose 2.0% or 1.50 dollars in relation to Monday and accumulates a gain of 5.5% or 3.89 dollars in the last four sessions.

The Mexican barrel has risen 59.1% or 27.86 dollars since the beginning of 2021 and since mid-November of last year, it is trading above the 42.1 dollars per barrel estimated in the Federal Revenue Law of 2021, which is generating more oil revenues of as provided to the federal government.

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The Mexican mix won from the hand of US oil, its main reference and known as WTI, whose price approached $ 80 this Tuesday, a level that has not exceeded in the last seven years, since October 31, 2014.

North Sea crude, a reference in Europe and known as Brent, has remained above $ 80 since last week and represents its highest level since October 2018, according to figures from the Bloomberg agency.

Petrol prices extended the gains after OPEC and its allies kept their plan to increase production unchanged on Monday, explained analysts from Banco Base.

They also detected an increase in crude oil due to the higher price of natural gas in Europe, which reached a new historical maximum of 3.0594 pounds per therm and closed the session at 2.9391 pounds, a rise of 19.5%.

The increase in the price of this fuel occurs due to the global shortage, as the winter season approaches. For its part, the price of natural gas in the United States showed an increase of 8.9%.

The shortage of natural gas puts pressure on the price of oil, as demand for diesel and other petrochemicals rises as substitutes to maintain heating in homes, they explained in Banco Base.


Mexico Daily Post