The export price of Mexican crude oil averaged $ 40.91 per barrel in the first quarter of 2020.
It also hit an unprecedented negative low of $ 7.33 per barrel on April 28, 2020.
To date, prices continue to show significant volatility, both in reaction to the COVID-19 pandemic and in actions taken by other oil-producing countries.
Oil export prices, which have generally been trading above $ 75 a barrel since October 2009 and were trading above $ 100 a barrel as of July 30, 2014, began to drop in August 2014.
The weighted average export price of Mexican crude oil fell further in subsequent years, reaching $ 18.90 per barrel on January 20, 2016.
In subsequent years, although prices have remained significantly below 2014 levels, average crude oil export prices stabilized, with an average Mexican crude oil export price of $ 62.29 per barrel in 2018 and 55.60 per barrel in 2019.
Oil and its prices
However, in early March 2020, the market experienced a precipitous drop in oil prices. This decline occurred in response to a substantial decline in oil demand due to the economic impacts of the pandemic caused by the highly transmissible and pathogenic coronavirus known as COVID-19, which caused oversupply and, in turn, a insufficient global storage capacity.
International crude oil and natural gas prices are subject to world supply and demand and fluctuate due to many factors.
These factors include competition within the oil and natural gas industry, prices and availability of alternative energy sources, international economic trends, fluctuations in exchange rates, inflation expectations, national and foreign laws and government regulations, political and other events in the main natural gas producing and consuming nations and actions taken by members of the Organization of Petroleum Exporting Countries (OPEC) and other oil exporting countries, commercial oil activity and natural gas and transactions in derivative financial instruments related to crude oil and gas.