FILE PHOTO: A drilling rig operates in the Permian Basin oil and natural gas production area in Lea County, New Mexico, U.S., February 10, 2019. Picture taken February 10, 2019. REUTERS/Nick Oxford/File Photo
Latin America exports some 5 million barrels per day of mostly heavy crude, with its largest buyers in the U.S. Gulf Coast. About half of its sales is through long-term supply contracts, while the other half is through spot trades on the open market. Mexico’s oil export basket, which includes Maya heavy crude and other exportable grades, closed at -$2.37 per barrel on Monday. Maya crude delivered to the U.S. Gulf Coast is indexed to WTI delivered to Houston.
Venezuela’s prices have steadily dropped in recent months after state-run PDVSA was forced to increase discounts to intermediaries because fewer companies want to buy from the nation due to tightening U.S. sanctions.
And that other failed petro-state: the Canadian Province of Alberta, where the preeminent local petroleum product now sells for a negative value!
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