By THE PULSE NEWS STAFF
Mexico’s low-grade, sour crude oil hit an 18-year low on Tuesday, March 17, selling at just $18.78 a barrel, down from $24.18 a barrel on Friday, March 13, the last time that the state-run oil company Petróleos Mexicanos (Pemex) published data since Monday, March 16, was a national holiday.
The last time Mexican oil sold at that price was in March of 2002, during the global oil crisis.
The three-day slump represents a 22.4 percent drop in the value of Mexican oil.
Mexican oil has devalued by a full 68.4 percent compared to its high for 2020 at $59.35.
Mexico is the 11th-largest oil producer worldwide, but Pemex is the most-indebted oil company on Earth.