October 18, 2019 / 3:19 AM / 2 months ago

Mexico's Pemex announces new Maya crude formulas for exports

MEXICO CITY (Reuters) - Mexico’s national oil company Pemex on Thursday announced new crude pricing formulas for exports of its Maya crude that will take effect from December.

In a statement, Pemex said the new Maya crude formulas would apply to exports to the Americas, Europe, India, the Middle East and the Caribbean.

Pemex sets formulas that dictate the price at which Mexico’s crude is sold worldwide. These changes are in part driven by changes in environmental regulation that affects high-sulfur oil, such as Maya crude.

“The new formulas in the aforementioned regions are aimed at providing greater stability to the value of Mayan crude oil in the international market,” Pemex said.

“With these changes, Petroleos Mexicanos continues to strive to maintain a competitive market price for Maya crude oil.”

The formula for the Americas and the Caribbean is:

P. MAYA = 0.65 WTI HOU + 0.35 ICE BRENT + K

The formula for Europe, India and the Middle East is:

Reporting by Sharay Angulo and David Alire Garcia; Writing by Stefanie Eschenbacher; Editing by Clarence Fernandez

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