The Mexican export mix leads the price increases in the international oil market, since since Russia’s invasion of Ukraine to date it has increased 15.77%, from 88.53 to 102.49 dollars per barrel.
The West Texas Intermediate (WTI), has gone from 92.20 to 106.02 dollars per barrel, a gain of 14.99%, while the North Sea Brent has gained 12.98%, from 96.77 to 109.33 dollars per barrel.
Jacobo Rodríguez, Director of Economic Analysis at Black Wallstreet Capital explained that international crude oil prices are subject to how the war between Russia and Ukraine develops.
“The expectation is that it will remain at high levels, especially due to the sanctions that the United States and its allies have decreed, which will cause problems on the supply side, it will influence how long these sanctions can be extended and how it will be supplied. the lack of supply that came from Russia”, he mentioned.
Rodríguez added that “there are negotiations of some countries that were vetoed, such as Venezuela and Iran, if these countries began to enter the world energy trade, surely we could see an adjustment in international prices.”
However, at the close of Thursday’s session all three types of crude finished with intraday losses. The Mexican blend was the one that lost the most (-3.28%), WTI (-2.47%) and Brent (-1.63%).
These losses occurred while Russian President Vladimir Putin said that Russia maintains its deliveries of hydrocarbons despite Western sanctions and assured that his country is not responsible for the rise in prices in the world.
He insisted that “all volumes” were being delivered to Europe and other places and that “Ukraine’s gas transportation system is 100% full”, constituting this network of gas pipelines one of the key gas arteries to supply the continent. European, of which 45% comes from Russia.
Crude supply remains tight. On Thursday, the United Arab Emirates affirmed that it will respect the commitments to gradually increase production adopted by Opec + (OPEC and its allies), within which Russia is, said that his country will encourage OPEC to consider higher production for fill the supply gap created by sanctions on Russia for its invasion of Ukraine. Moscow calls its raid a “special operation.”
So far this year, crude oil has accumulated gains of over 40 percent. Mexican oil rises 43.76%, WTI 40.97% and Brent 40.56%, reaching its highest level of 2022 on March 8.
Iraqi Oil Minister Ihsan Abdul Jabbar and OPEC Secretary General Mohammad Barkindo agreed that OPEC+ is interested in achieving a balance between supply and demand, and ensuring market stability, the Ministry reported on Thursday. of Iraq Oil in a statement.
The two met during a sector event in Houston, where they discussed the evolution of the oil market in light of the war in Ukraine, the statement added.