Adriana Guadalupe Arcos Serafín (Reform Agency)

MEXICO CITY.- The price of the Mexican export mix rebounded 51.27 percent this Thursday, to $ 16.05 per barrel, its biggest percentage rise since records began.

The rebound in the energy market came with the expectation that Saudi Arabia and Russia could reach an agreement after President Donald Trump claimed that he was in telephone contact with both countries.

The US president said he expects to cut between 10 and 15 million barrels (daily), which would help level supply in the face of a reduction in demand estimated at 25 percent globally.

China will buy cheap oil to increase its reserve
On the other hand, it was revealed that China, the world’s leading importer of crude oil, announced a plan to increase its oil reserve to take advantage of low prices and prepare for a return to normalcy after it has controlled the Covid-19 infections.

The objective of the Asian country is to maintain a level of reserves equivalent to 90 days of import, capacity that could be doubled if commercial reserves are included.

In the international market, the West Texas Intermediate (WTI) of the United States and the Brent of the North European Sea closed the day with gains of 24.67 and 31.55 percent, at prices of 25.32 and $ 29.94 per barrel.

So far this year, domestic crude oil accumulates a loss of 71.41 percent, since 2020 began at $ 56.14.

Comments are closed.