Mexican oil stumbles and approaches $ 63

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Mexican crude began the week with a depreciation of 80 cents compared to its level last Friday, when trading at 63.17 dollars per barrel, Petroleos Mexicanos (Pemex) reported.

The Mexican export mix closed the previous week at 63.97, after registering a gain of 49 cents.

Banco Base in its daily analysis highlighted that the main oils resumed their downward trend, given the possibility that the Organization of Petroleum Exporting Countries (OPEC) and its allies could gradually increase their joint oil production.

The West Texas Intermediate (WTI) lost 1.03 dollars and was quoted at 64.78 dollars per barrel, while Brent registered a decrease of 1.26 dollars, to be at the close at 75.53 dollars.

The above was supported by the comments of the Minister of Energy of Kazakhstan, Kanat Bozumbayev, who mentioned in an interview that the fundamentals of oil supply and demand are almost in balance.

While the likelihood of OPEC and its allies deciding to raise their production is high, it is expected that they will continue to produce at the levels agreed at the end of 2016, when they committed to stabilize the oil market.

Banco Base mentioned that at the end of 2016, OPEC and its associates decided to reduce their joint production by 1.8 million barrels per day.

However, according to the Joint Technical Committee of the cartel and its allies, the countries exceeded expectations by decreasing their joint production by around 2.74 million barrels per day, mainly due to the drop in production in Venezuela, which registers its lowest Extraction levels since the 50s of the last century.

The above can be an element so that OPEC and its associates can increase crude production by 94 thousand barrels per day.