Mexican Crude Up 69% but Oil Revenue Still Misses Budget
Mexico’s export crude blend is up 69% in 2026 at US$90.94 a barrel. Falling volumes mean oil revenue still came in below budget in the first half. The post Mexican Crude Up 69% but Oil Revenue Still Misses Budget appeared first on The Rio Times .
Mexico's export crude blend has surged 69% since the beginning of 2026, reaching US$90.94 a barrel on September 4th. However, oil revenue remains below budget. The price rise does not equate to increased revenue, as it depends on actual sales. The blend opened the year at US$51.64 on January 7th, peaking at US$99.21 on March 20th before falling.
The increase is linked to the conflict over oil tankers in the Gulf, with the US striking Iranian vessels and Iran retaliating. Despite the higher prices, exports have dwindled, falling 44.6% in January and July saw a 25% decrease. Production this year averaged 1.658 million barrels a day, 142,000 short of the government's target.
Fuel imports, costing about US$1.6 billion a month, have now surpassed export earnings by about 32% for the first time in 36 years. Oil revenue in 2025 was 1.222 trillion pesos, or 14.8% of total budget revenue, the lowest on record. Experts project it will drop below 1 trillion pesos in 2027, down from 22.4% in 2022.
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