{"url":"https://newsforagent.com/news/2026-10-17/pemex-november-crude-price-constants","markdown_url":"https://newsforagent.com/news/2026-10-17/pemex-november-crude-price-constants.md","title":"Pemex Cuts November Crude Prices for Most Buyers","headline":"Pemex Sets Lower November Crude Price Constants for Maya, Zapoteco, Istmo and Olmeca Grades","description":"Pemex's trading arm PMI Comercio Internacional cut November price constants for Maya, Zapoteco, Istmo and Olmeca crude across most destinations.","section":"Business","published_at":"2026-10-17T19:57:14+00:00","modified_at":"2026-10-17T19:57:14+00:00","author":"News Desk","key_takeaways":["Pemex's trading arm PMI Comercio Internacional published November price constants for the Maya, Zapoteco, Istmo and Olmeca grades sold to buyers in the Americas, Europe, Asia and India.","Maya crude for the Far East moved from -5.80 in October to -10.15 in November, while US West Coast Maya went from -6.70 to -6.45.","Pemex reported crude and condensate production of approximately 1.65 million barrels per day in 2025, below the government target of 1.8 million bpd."],"companies":[{"name":"Pemex","is_primary":true,"profile_url":"https://akta.pro/company-profiles/0000fhx/pemex","website":"https://www.pemex.com/en/Paginas/default.aspx"}],"source":{"publisher":"The future of trading","title":"Mexico's Pemex sets November crude oil prices for international buyers","url":"https://capital.com/en-int/news/mexico-s-pemex-sets-november-crude-oil-prices-for-international-buyers"},"other_sources":[],"tags":["Business","Pemex"],"body_markdown":"[Pemex](https://akta.pro/company-profiles/0000fhx/pemex) revised its term pricing formulas for crude oil sold to buyers in the Americas, Europe and Asia, with most destinations receiving lower November price constants than October, the company's trading arm PMI Comercio Internacional said. [The future of trading](https://capital.com/en-int/news/mexico-s-pemex-sets-november-crude-oil-prices-for-international-buyers) reported the adjustments on October 17, 2026.\n\n## Pemex's November Price Constants by Grade\n\nPMI Comercio Internacional published adjusted price constants for Pemex's flagship Maya grade and its Zapoteco, Istmo and Olmeca grades, marketed to buyers by region. For the US Gulf Coast, the Americas' Atlantic Coast and the Caribbean, the Maya constant moved from -11.45 in October to -14.15 in November, Zapoteco from -6.10 to -6.70, Istmo from -2.35 to -2.95 and Olmeca from -0.45 to -1.75.\n\nFor the US West Coast and the Americas' Pacific Coast, Maya went from -6.70 to -6.45, while Zapoteco rose from +3.75 to +5.35, Istmo from +0.10 to +0.85 and Olmeca from +0.05 to +1.15. Europe and the Middle East saw Maya move from -11.85 to -12.85, Zapoteco from -9.55 to -10.00, Istmo from -8.35 to -8.80 and Olmeca from -5.70 to -4.65.\n\nIndia's constants were set at -13.80 for Maya, down from -10.70, -13.65 for Zapoteco from -10.10, -12.00 for Istmo from -8.45 and -5.90 for Olmeca from -6.00. For the Far East, Maya moved from -5.80 to -10.15, Zapoteco from -5.00 to -7.05, Istmo from -5.25 to -7.45 and Olmeca from -3.60 to -6.15.\n\n## Pemex's Production and Debt Position\n\nPemex is Mexico's state-owned vertically integrated national oil company, operating across exploration and production, refining, petrochemicals and fuels distribution, according to akta.pro [company records](https://akta.pro/company-data). The same records list crude and condensate production of approximately 1.65 million barrels per day in 2025, below the government target of 1.8 million bpd, and total financial debt reported at $85.2 billion as of the end of 2025, reduced from $100+ billion levels.\n\n## Rating Cut and Output Pressure Before the Pricing Move\n\nHR Ratings cut Pemex's global rating to BBB on October 16, 2026, matching its cut of Mexico's sovereign rating to BBB, Expansion reported, with local ratings remaining AAA and AA+. On October 10, 2026, OilPrice.com reported that IISD said hitting Mexico's oil and gas targets would require about $160 billion in capital spending, nearly $110 billion from Pemex, and targets may still be missed. Reforma reported on October 10, 2026 that Pemex's crude production fell to the lowest level since records in August.\n\n## What Pemex Has Said About Next Steps\n\nPemex is analyzing a biorrefinery in Veracruz and will build a plant in the Tula refinery to produce SAF, starting in the second half of 2028, Reforma reported on October 14, 2026. The company also plans to construct a biorrefinery in Veracruz.\n","publisher":{"name":"News for Agent","url":"https://newsforagent.com"}}