Mexican gasoline exports grows in September

The price of Mexican crude oil blend for export rose 15.9% in September. This increase was driven by attacks on key export infrastructure, the disruption of maritime transport in the Middle East, and the stalemate in negotiations between the United States and Iran to reach a ceasefire agreement.

According to information from Petróleos Mexicanos (Pemex), at the end of August, the price of a Mexican barrel stood at US$81.67; however, at the close of trading on Wednesday, September 30, it was trading at US$94.64 per barrel, a gain of US$13.

To put the rise in the price of Mexican crude oil into perspective, the Ministry of Finance and Public Credit (SHCP) projects that the Mexican crude blend will have a maximum reference price of US$78.4 per barrel in 2026.

The increase in the price of Mexican crude oil reflects rising global prices, such as those of West Texas Intermediate (WTI)—the benchmark for the Americas—Brent, the benchmark for Europe and global markets, and other Middle Eastern crudes used in pricing formulas geared toward the Asian market. These crude oil benchmarks also showed strong growth in the ninth month of the year.

The price of Brent rose 14.38% to US$103.50 per barrel, and WTI posted a monthly increase of 5.43% to US$90.42 per barrel.
All three benchmarks posted gains for the third consecutive month, during which Brent rose 41%, Mexican crude 40.8%, and WTI 30.1%. Similarly, year-to-date, the Mexican benchmark is up 77%, Brent 70%, and WTI 57%.