Oil Price in Mexico — Brent & WTI Crude Today

Mexico is a major crude producer from offshore and onshore fields, with the state company Pemex central to its sector. While imports of refined products have grown, export grades like Maya are priced relative to Brent and WTI.

Classified here as a opec+ participant (non-opec), Mexico trades against WTI at Cushing. That is the pricing reference the sections below work from — the headline Brent number quoted at the top of this page is the global marker, not necessarily the price Mexico settles at.

Mexico is not an OPEC member but participates in the OPEC+ declaration of cooperation, so it takes on a voluntary production commitment without a seat in OPEC itself. That gives it influence over the supply side of the Brent price while leaving it exposed to compliance disputes: when OPEC+ discipline slips, the benchmark usually falls faster than the group's own output rises.

North American crude clears against WTI, and the Brent–WTI spread is what decides whether cargoes flow to Europe and Asia or stay in the domestic system.

Mexico refines for its own market. Domestic refining means crude is imported or produced and converted locally, so the local fuel price reflects crude cost plus the domestic refining margin rather than the landed cost of finished product. Refinery outages and turnaround schedules can therefore move pump prices here independently of Brent.

Crude is invoiced in US dollars, so buyers in Mexico face two prices at once: the Brent price and the MXN exchange rate. A weakening MXN raises the local cost of a barrel even when Brent is flat, which is why domestic fuel prices in currency-exposed markets often fail to fall when the benchmark does. The reference rate used in the estimates on this site is 18.5 MXN per USD.