US oil export prices rise amid Middle East conflict

Petroleos Mexicanos (Pemex) exports had been on a downward trend, with the aim of prioritizing domestic supply for the National Refining System. However, following the recent surge in international crude oil prices, driven by the current conflict in the Middle East, the oil company has been forced to rethink its position and capitalize on the situation by increasing its exports.

Its crude oil exports to the United States stood at 640,000 barrels per day, representing a 161.2 percent increase compared to the last week of February, shortly before the start of the conflict in the Middle East.

As a result, Mexico has moved into the top three countries exporting oil to the United States. According to the International Energy Agency’s weekly report, total imports to the United States averaged 7.2 million barrels per day.
The rise in oil prices, driven by geopolitical tensions in the Middle East, translates into higher revenues for Mexico’s public finances.

According to estimates by the Mexican Institute for Competitiveness (IMCO), “if the price per barrel closes the year at an average of US$90, the country could earn approximately US$23 billion in additional oil revenues.”