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The Mexican export mix fell 31.66% this Monday compared to the closing it registered on Friday. On Friday, It was priced at $ 35.75 per barrel while this start of the week fell to $ 24.43.
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Is about its biggest fall in absolute and relative terms at least so far this century, since the record of the year 2000, according to an estimate of the newspaper Reform. Mexican crude It was not listed below $ 25 since February 2016.
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West Texas Intermediate (WTI) oil closed on Monday with a 24.59% crash at $ 31.13 a barrel, and Brent lost 24.1 percent at $ 34.36.
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The strong The fall in oil prices was due to the decision of Saudi Arabia and Russia to increase their crude oil production despite a decrease in demand, which has affected producers worldwide.
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After the failure of the negotiations between Arabia and Russia at the last meeting of the Organization of Petroleum Exporting Countries (OPEC) at the end of last week, Riyadh announced the drastic reduction in oil prices and prepares to increase production within the framework of an aggressive campaign to snatch market share from Moscow.
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In the exchange market, the Mexican peso had one of its worst days in the last three years and closed this Monday with a sharp drop of 5.3% after the collapse of oil prices and due to fears about the dispersion of COVID-19, situations that also impacted the Mexican Stock Exchange (BMV), which had one of its worst days in more than a decade.
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The National currency closed at 21.18 per dollar, its worst level since the election of Donald Trump as president in November 2016. The US currency exceeded, at a time in the morning, the 22 peso barrier.
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For its part, the stock market had its worst fall, of 6.4%, since October 2008, when the last major international economic crisis occurred, and it was spread from the rest of the bags around the world, which have suffered similar losses in recent days, particularly at the beginning of the week.
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BMV lost more than 2,500 points. On the other hand, the Price and Quotation Index (CPI) fell by 6.42%, its worst numbers for seven months.
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The Exchange Commission, made up of officials from the Ministry of Finance and the Government Board of the Bank of Mexico, announced after the closing of the Exchange an increase of USD 10,000 million in its program of exchangeable hedges in national currency, after the sharp drop in weight.
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The commission, made up of officials from the Ministry of Finance and the Governing Board of the Bank of Mexico, said in a statement that it decided to raise the size of the program to $ 30 billion, “with the objective of reinforce the mechanisms available, as well as maintain an orderly functioning of the market exchange rate ”.
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They also indicated that It may be called at any time and immediately carry out auctions of these instruments and, if necessary, adopt additional actions, in addition to ratifying its commitment to continue evaluating the operating conditions in the exchange market.
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The Commission reiterates that the anchoring of the value of the national currency will continue primarily seeking to preserve solid economic fundamentals
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And, in the last days, global markets have shown a marked volatility due to the economic and social impact that could be derived from the contagion of COVID-19, as well as the recent announcements in the field of energy by the main producers of crude oil worldwide.
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Wall Street, for example, closed a black Monday with falls close to 8% in its main indexes. The Dow Jones finished with a low of 7.79% to 23851.02 points, while the S&P 500 did it with 7.60% (2746.56) in red and the Nasdaq with 7.29% (7950.68).
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