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Mexican export crude settled at $73 per barrel on June 17, according to Bloomberg Línea reporting, marking one of the lowest levels since March 4. The price reflects market reaction to a memorandum of understanding signed between the United States and Iran to open the Strait of Hormuz.

Mexican crude has been sliding since May 26, when it surpassed $102 per barrel. The price dropped to $97 as peace negotiations progressed and collapsed to current levels following the agreement announcement. The Strait of Hormuz accounts for roughly 20% of global oil trade, and its closure during the conflict had driven international prices sharply higher.

International benchmarks also adjusted downward in recent sessions:

Each dollar shift in annual average crude prices alters Mexico's fiscal revenues by approximately $600 million, according to Bloomberg Línea. Pemex maintained production of 1.6 million barrels daily as of June 17, the lowest level in four decades. The federal government had been running fuel subsidies of roughly $290 million weekly before the geopolitical shift.

The International Energy Agency has warned of potential oversupply in 2027, and Goldman Sachs revised its fourth-quarter Brent forecast from $90 to $80 per barrel. Mexico's Treasury Department is now revising its estimated crude price for the 2027 budget package based on the new scenario.

Frequently Asked Questions

**At what price did Mexican export crude close after the US-Iran agreement?**

Mexican export crude settled at $73 per barrel on June 17, 2026, according to Bloomberg Línea, one of the lowest levels since March 4. The price reacted to the memorandum of understanding signed between the United States and Iran to open the Strait of Hormuz.

**How does oil prices impact Mexico's public finances?**

Each dollar change in annual average crude prices modifies Mexican fiscal revenues by approximately $600 million according to Bloomberg Línea. Mexico's Treasury Department is reviewing the estimated crude price for the 2027 budget package based on the new geopolitical scenario.

**How much oil is Pemex producing in June 2026?**

Pemex maintained production of 1.6 million barrels daily as of June 17, 2026, the lowest level in four decades according to Bloomberg Línea. The state oil company has seen three months of rising output in its recent extraction trajectory.

Sources