Close of the Mexican oil mix this Tuesday, March 15

The cost of the Mexican oil mixture this Tuesday, March 15, was $92.26 per barrel, according to updated data from Petroleos Mexicanos (Pemex) published every day on its official website.

The price of the Mexican mixture of export crude oil, published on the Pemex portal, is an estimate provided for information purposes only. The price is estimated using the price formulas by geographical region with the daily closing of the corresponding quotes.

Information from the state oil company indicates that in 2020 production stood at one million 705 thousand barrels per day average per year, exceeding by four thousand barrels a day the average annual production in 2019 and thus breaking a 15-year streak of decline in production.

Crude oil is classified depending on API (American Petroleum Institute) grades, considering values less than 30 as heavy and above 30 are defined as light. In Mexico it is divided into three types depending on its density: Isthmus, Olmec and Maya.

Types of crude oil in Mexico

According to Pemex indicators, 54% of oil production in the country is considered heavy (Mayan), 33% as light (Isthmus) and the remaining 12% corresponds to superlight crude (Olmeca).

The Maya blend is considered to be the most competitive of the Mexican ones as it is the one with the highest export, in addition to being used as a substitute mixture for the other two. Because it is a “heavy” crude oil, it has a lower yield in the production of gasoline and diesel, however, thanks to this characteristic, it is the main source of energy for the production of energy for domestic use.

The Isthmus, being a light crude oil, can give greater yield in the production of gasolines and intermediate distillates (petroleum products obtained in the “medium” boiling range, between 180°C and 360°C).

The Olmeca blend is considered “extra light”, a characteristic that makes it useful for the production of lubricants and petrochemicals.

Production and exports

Figures presented by the Association of Banks of Mexico (ABM) indicate that the state productive company exported in 2020 an average of 140,000 barrels of light crude oil per day, while that same year production per day stood at 1,705,000 barrels, which which represents an estimated four million barrels more than in 2019.

Currently, Pemex continues to be the most important crude producer in the domestic market, contributing 98.8% of total crude oil production in 2020, while private company production represented just 1.2% of the country's total.

This is partly due to the incorporation of 146.5 thousand barrels per day of production from the new fields that began their development in the first half of 2019.

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