Mexico to Raise Output of New Olmeca Crude
Mexico will increase exports of its new Olmeca crude oil to compensate for the decline in international petroleum prices, the state-run Petroleos Mexicanos oil company said.
The company, known by its Spanish acronym Pemex, said exports of Olmeca, which is lighter than Mexico’s Isthmus and Maya crudes, already have increased from 9,000 barrels a day to 75,000 a day in the past four months.
Mexico, a major U.S. foreign oil supplier, exports a mixture of 40% light Isthmus and 60% heavy Maya. The average price of Mexican crude in international markets is $13 a barrel.
The price of Olmeca in international market is $1 higher than the price of Isthmus.
Mobil Corp. and another U.S. company, Lyondell, are the main buyers of Olmeca crude, Pemex said.
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