The Mexican export mix (MME) of crude oil gained 8.04%, or $ 1.99, on Monday, and was at $ 26.73 per barrel, its highest level since March 11, when it was quoted at 25.93, reported the state company Petróleos Mexicanos (Pemex).
Last Friday’s closing price was $ 24.74 and with the nearly $ 2 earned today it jumped to $ 26.73.
With the registration on Monday, the Mexican barrel linked a good streak that led it to increase its price more than five dollars in the last 12 days, from $ 21.10 on May 6 to $ 26.73 on this 18 of May.
In early April, the Ministry (Ministry) of Finance and Public Credit of Mexico announced that it expected the price of the Mexican mixture to recover this year to $ 24 per barrel, after being affected by the oil price war and by a free fall in world demand due to the COVID-19 pandemic.
Last month, the Mexican mix hit two record lows: a negative price of $ -2.37 per barrel on April 20, and one of $ 6.55 on April 27.
The rebound on Monday came five days after it became known that Pemex was at risk of declaring default with its creditors and that it was “possible that it will not be able to continue operating,” as acknowledged by the state company in its latest annual report sent to the Mexican Securities and Exchange Commission.
The Mexican oil company lost 23,913 million dollars in the first quarter of 2020, a figure more than fifteen times higher than the same period of the previous year.
In just three months, Pemex lost more than in all of 2019, when it registered losses of $ 18,367 million, almost double the $ 9,575 million it lost in 2018.
According to data from the Mexican Government, Pemex’s production of crude oil and condensates is 1.75 million barrels per day.