Mexico makes deal with Trafigura

Mexico made a huge deal with Trafigura to become a crude oil trading partner. It is now the first foreign company to get the right to market Mexican Crude oil. Before only the commercial division of state energy major Pemex was eligible for trading the country’s oil and gas. Now oil traders will compete directly with each other. Trafigura offered a lower price per barrel than PMI at US $0.18 compared to PMI at $0.21. All the oil companies in global oil has paid for a piece of the Mexican oil that the government has been eager to distribute. Mexico has been very active in activating the development of new oil and gas reserves.