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Maya export price: new formula, same sulphur
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Report summary
On October 17th, 2019 PEMEX announced new pricing formulas for Maya exports to the US, Europe, India and the Middle East. The aim is to minimize the impact of IMO changes in marine bunker regulation on the Maya price by eliminating the medium-sour benchmarks from the formula and using only light-sweet crudes to determine the baseline price. In this report we analyse the recent changes in the formula, whether they will have an impact on Maya prices in 2020 and 2021, and how the flexibility of the US Gulf Coast refiners to lighten their crude slate will put a ceiling on Maya prices through the period.
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