The barrel of Mexican oil registered the second lowest price in its history on Monday, reaching $ 6.55, after it bottomed just a week ago and after a fall of 23.2%, or $ 1.98, compared to from $ 8.53 last Friday.
Today’s price was reached a week after last Monday, April 20, the price of Mexican oil plummeted to $ -2.37 per barrel, a negative price never seen before that occurred in the midst of the international crisis of the hydrocarbon.
Even before the negative, the price of $ 6.95 per barrel was the all-time low. registered on December 10, 1998 by the Economic Information System of Banco de México (Banxico), although there is a history of lower prices but with another measurement methodology.
Just last March 30, Mexico’s oil had fallen to its lowest level in the 21st century, to $ 10.37 per barrel.
PEMEX ADVISES INVESTORS
On the other hand, in a statement addressed to investors, the state company Petróleos Mexicanos (Pemex) explains that, in the opinion of the credit rating agencies, the downgrade of its rating “is not attributed to the operational and financial decision-making of the present administration but to the repercussions “.
Such repercussions, he clarifies, “will take place in the context of a severe global health crisis caused by the COVID-19 pandemic.”
The note includes among the immediate effects of the pandemic “the temporary reduction of economic activities in practically all the countries of the world, with a direct and immediate effect on the level of fossil fuel consumption”.
The Pemex statement indicates that said situation “caused volatility in the oil markets with a drop in oil prices”, so, in this scenario, the Mexican oil company “began executing its protocol to mitigate since late February the risks to your finances. “
He adds that, as he already informed the rating agencies, “as a result of the prudent and responsible use of its debt, as well as the refinancing operations of recent months, the company reduced its exposure to liquidity risk that will allow us to face up to better the temporal effects of this crisis. “
In addition, Pemex told them that the company decided to “evaluate and prioritize” those investments that are highly profitable, so that until now a reduction of 40,500 million pesos (about $ 1.63 billion) has been applied to the programmed investment budget. of this year.
Lastly, it recalls that on April 21, the decree by which the Mexican Government granted an additional tax benefit to Petróleos Mexicanos, for an amount of 65,000 million pesos (about 2,613 million pesos) was published in the Official Gazette of the Federation. dollars), for application in the remainder of this fiscal year.