Mexican oil blend's price adjusts on Friday, 9th May.
Updated Information:
On Friday, the cost of Mexico's oil mix hit $57.21 per barrel, as per the latest update from Petróleos Mexicanos (Pemex), published daily on their official site.
You might find this intriguing: The closing price of the US dollar in Mexico on May 9, converted to MXN.
The published oil price on the Pemex portal serves as an estimate, calculated using regional price formulas with the corresponding daily closing quotes. Production data highlighted that in 2020, the average daily production was recorded at 1.705 million barrels, surpassing the 2019 average by a marginal 4,000 barrels, ending a 15-year-long production decline.
Did you know? Some vehicles won't be hitting the roads in CDMX and Edomex this Saturday, May 10.
Crude oil is categorized by API grades, with grades below 30 classified as heavy, and those above 30 considered light. Mexico sorts its oil into three types: Istmo, Olmeca, and Maya, based on density.
According to Pemex indicators, 54% of Mexican crude is Maya (heavy crude), 33% is Istmo (light crude), and the remaining 12% is Olmeca (extra-light crude).
The Maya mix, being heavy, has lower yields in gasoline and diesel production, but is essential for domestic energy production. On the contrary, Istmo can produce higher gasoline yields, while the Olmeca mix is utilized for lubricants and petrochemicals.
In 2023, Pemex enjoyed an increase in hydrocarbon production, reaching an average daily production of 1.855 million barrels. Production remained above 1.8 million barrels a day throughout the year, with average daily production in December at 1.826 million barrels. This increase in production is attributed to the operation of new oil fields, particularly Quesqui and Tupilco.
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Additional Facts:
Like to explore earlier data? Historical exchange rate charts or financial databases are excellent resources for examining past currency exchange rates. To find the exact closing price for May 9, 2023, you may need to access specific financial databases or archives since this information isn't readily available in the search results.
- The published oil price on the Pemex portal is an estimate, calculated using regional price formulas with the corresponding daily closing quotes, similar to the way the average daily production was calculated in 2020 and 2023, surpassing the previous years by a marginal amount.
- On Saturdays, some vehicles might not be hitting the roads in CDMX and Edomex, just like how the Maya mix, a heavy crude oil type in Mexico, has lower yields in gasoline and diesel production, but is essential for domestic energy production, while the Istmo and Olmeca mixes, being light and extra-light, can produce higher gasoline yields and are utilized for lubricants and petrochemicals, respectively.
- In addition to sports, Pemex, Mexico's state-owned petroleum company, is also involved in the export of petrochemicals, a significant part of their production, making them a crucial player in both the energy and export industries.
