Mexican oil mix deadline on Tuesday, March 15

According to updated data from Petroleos Mexicanos (Pemex), published daily on the official website, on Tuesday, March 15, the cost of the Mexican oil mixture was $92.26 per barrel.

The prices of crude oil mixtures exported to Mexico, published on the Pemex portal, are estimates provided for informational purposes only. Prices are estimated using a price formula by geographic region, along with the daily closing of the corresponding quotation.

According to the information of the state-owned oil company, the output in 2020 reached an average of 705,000 barrels per day, exceeding an average annual average of 4,000 barrels. It recorded an average annual output in 2019, breaking through the decline in output for 15 consecutive years.

Crude oil is classified according to API (American Petroleum Institute) grade, where less than 30 is defined as heavy and above 30 is defined as light.In Mexico, it is divided into three types according to density: isthmus, olmec, and maya.

According to Mexico's crude oil type Pemex indicator, 54% of the country's oil production

is considered heavy (Maya), 33% is considered light (isthmus), and the remaining 12% corresponds to ultra-light crude oil (Olmecca).

In addition to being used as an alternative mixture for the other two blends, Maya blends are considered to be the most competitive among Mexican blends with the highest export volume. Because it is a “heavy” crude oil, the production of gasoline and diesel is low, but thanks to these characteristics it is the main source of energy for the production of household energy.

Isthmus, a light crude oil, can provide greater yields in the production of gasoline and intermediate distillates (petroleum products obtained in the “medium” boiling range between 180°C and 360°C).

Olmeca blends are considered “extra lightweight”, properties useful for lubricating oils and petrochemical production.

According to the

production and export

figures released by the Association of Banks of Mexico (ABM), the state production company exported an average of 140,000 barrels of light crude oil per day in 2020, and recorded a daily output of 1,705,000 barrels, which is estimated to be about 4 million barrels more than in 2019.

At present, Pemex is the most important crude oil producer in the domestic market, accounting for 98.8% of the total crude oil output in 2020, and the output of private enterprises accounted for only 1.2% of the country's total.

This is due to the consolidation of production of 146.5 million barrels per day in the new sector, which began its development in the first half of 2019.

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