lakeside7 Posted March 8, 2022 Report Share Posted March 8, 2022 I would have thought with the cost of a barrel of oil going thru the roof the peso would be steady or perhaps get stronger...what's happen Link to comment Share on other sites More sharing options...
Jreboll Posted March 8, 2022 Report Share Posted March 8, 2022 It’s a world wide problem. There’s fear in the markets. Money is drawn to the strong currencies, the dollar being one of them. Link to comment Share on other sites More sharing options...
johanson Posted March 8, 2022 Report Share Posted March 8, 2022 On the Yahoo financial page, instead of showing about 20.4 pesos per US dollar, this morning it was showing 21.32 pesos per dollar. EDIT: I just looked again and it has dropped a bit down to 21.29 . That's less than a peso increase as of now, but every little bit helps. Link to comment Share on other sites More sharing options...
AlanMexicali Posted March 8, 2022 Report Share Posted March 8, 2022 https://www.aljazeera.com/economy/2021/12/28/mexico-plans-to-end-oil-exports-in-2023-to-reach-self-sufficiency Bloomberg: "Mexico plans to end crude oil exports in 2023 as part of a strategy by the nationalist government of Andres Manuel Lopez Obrador to reach self-sufficiency in the domestic fuels market. Petroleos Mexicanos, the Mexican state-owned producer known as Pemex, will reduce crude oil exports to 435,000 barrels a day in 2022 before phasing out sales to clients abroad the following year, Chief Executive Officer Octavio Romero said during a press conference in Mexico City on Tuesday. The move is part of a drive by Lopez Obrador to expand Mexico’s domestic production of fuels instead of sending its oil abroad while it imports costly refined products, like gasoline and diesel. Mexico currently buys the bulk of the fuels it consumes from U.S. refineries. If fulfilled, Pemex’s pledge will mark the withdrawal from the international oil market by one of its most prominent players of the past decades. At its peak in 2004, Pemex exported almost 1.9 million barrels a day to refineries from the Japan to India, and was a participant in meetings by the Organization of Petroleum Exporting Countries as observer. Last month, the Mexican company sold abroad slightly more than one million daily barrels, according to Pemex data. The export reduction will come as Pemex increases its domestic crude processing, which will reach 1.51 million barrels a day in 2022 and 2 million daily barrels in 2023, Romero said. The Mexican driller will plow all of its production into its six refineries, including a facility under construction in the southeastern state of Tabasco and another one being bought near Houston, Texas. This plant is considered part of Mexico’s refining system even if located across the U.S. border." The heavy Gulf crude oil Mexico has has to be mixed with imported light crude to be refined into gasoline and diesel. Link to comment Share on other sites More sharing options...
Jreboll Posted March 8, 2022 Report Share Posted March 8, 2022 You’re quoting an article from 3 months ago. Biden just announced they’ll stop importing Russian oil so that puts a monkey wrench in all previous plans. Link to comment Share on other sites More sharing options...
AlanMexicali Posted March 8, 2022 Report Share Posted March 8, 2022 16 minutes ago, Jreboll said: You’re quoting an article from 3 months ago. Biden just announced they’ll stop importing Russian oil so that puts a monkey wrench in all previous plans. US only imports 3 percent Russian oil. Link to comment Share on other sites More sharing options...
Mostlylost Posted March 9, 2022 Report Share Posted March 9, 2022 19 hours ago, Jreboll said: You’re quoting an article from 3 months ago. Biden just announced they’ll stop importing Russian oil so that puts a monkey wrench in all previous plans. There are no changes in plans regarding Pemex stopping foreign sales. AMLO has taken a neutral stance in the current conflict. Mexico has not joined any embargos or placed any sanctions. AMLO has decided that Mexico must refine it's own gasoline and is doing everything possible to get there. Meanwhile the Pemex lost more money in the refineries and gave up the profitable sale of petroleum abroad. The construction cost of the new Dos Bocas refinery is 108% over budget so far. The supreme court ruled that the 3 projects of AMLO (airport, train maya, refinery) are not "national security" and now the huge cost over runs are public. Link to comment Share on other sites More sharing options...
RickS Posted March 9, 2022 Report Share Posted March 9, 2022 Is it truly 108% over budget or 8%? Link to comment Share on other sites More sharing options...
HoneyBee Posted March 9, 2022 Report Share Posted March 9, 2022 21 hours ago, johanson said: On the Yahoo financial page, instead of showing about 20.4 pesos per US dollar, this morning it was showing 21.32 pesos per dollar. EDIT: I just looked again and it has dropped a bit down to 21.29 . That's less than a peso increase as of now, but every little bit helps. It sounds like you are living from paycheck to paycheck 😉 1 Link to comment Share on other sites More sharing options...
johanson Posted March 9, 2022 Report Share Posted March 9, 2022 The title of this topic is MX peso tanking. Well not any more. I just checked. And the peso has dropped back to 20.95 pesos per dollar, this Wednesday morning. That's still a little better than what it was, but not much. I have no idea where the value of the peso is going. But it doesn't seem to be in a hurry for a rapid change as had been suggested by the press. Link to comment Share on other sites More sharing options...
Jreboll Posted March 9, 2022 Report Share Posted March 9, 2022 “as had been suggested by the press.” Time and again we fall for the press catch phrases. Link to comment Share on other sites More sharing options...
Mainecoons Posted March 9, 2022 Report Share Posted March 9, 2022 3 hours ago, RickS said: Is it truly 108% over budget or 8%? Somewhere between the former and the latter. Pemex is so rife with corruption and ineptitude it is lucky if it doesn't get worse than that. And probably very unlikely. https://www.bloomberg.com/news/articles/2022-01-21/mexico-s-crown-jewel-oil-refinery-is-3-6-billion-over-budget 1 Link to comment Share on other sites More sharing options...
lakeside7 Posted March 9, 2022 Author Report Share Posted March 9, 2022 On 3/8/2022 at 12:35 PM, johanson said: On the Yahoo financial page, instead of showing about 20.4 pesos per US dollar, this morning it was showing 21.32 pesos per dollar. EDIT: I just looked again and it has dropped a bit down to 21.29 . That's less than a peso increase as of now, but every little bit helps. Yes good for us "gringos" but bad bad news for the locals , plus the on going price increase for "everything" we are all exposed to...But I guess it is a small sacrifice to trying to stop a tank with a rife...when you go to bed to night pray for a miracle to happen Link to comment Share on other sites More sharing options...
Mostlylost Posted March 10, 2022 Report Share Posted March 10, 2022 23 hours ago, RickS said: Is it truly 108% over budget or 8%? 108% YES DOUBLE. Figures were hidden until recently. Early over runs were reported on all of AMLO's dream projects but for months after he declared them "national security" nothing was public. But now the Supreme Court ruled not so and the figures are becoming known. It is now being reported that the halting of construction of the Mexico City airport and contracts that had to be paid off, and the construction of the AMLO's small dream airport 40 minutes away at the military base has now cost more than it would have to finish the big one. Plus using the military for construction lets a lot of the labor costs to still be hidden. https://www.oilandgasmagazine.com.mx/aumentan-108-el-gasto-en-construccion-de-dos-bocas/ Link to comment Share on other sites More sharing options...
tomgates Posted March 15, 2022 Report Share Posted March 15, 2022 On a very short term basis, the US/Mex exchange rate closely follows the US stockmarket. Stocks up, peso up and visa versa. On a longer term basis, there must be something larger going on with the peso. Since the US market low in March 2000 and the peso making a low at close to 23, the US market has gone up a lot and the peso not so much. The peso should be more like 17 or 18 but here it is near 21. Link to comment Share on other sites More sharing options...
bobby brown Posted March 16, 2022 Report Share Posted March 16, 2022 15 hours ago, tomgates said: On a very short term basis, the US/Mex exchange rate closely follows the US stockmarket. Stocks up, peso up and visa versa. On a longer term basis, there must be something larger going on with the peso. Since the US market low in March 2000 and the peso making a low at close to 23, the US market has gone up a lot and the peso not so much. The peso should be more like 17 or 18 but here it is near 21. I like twenty-one---More Pesos to the dollar-- Link to comment Share on other sites More sharing options...
johanson Posted March 16, 2022 Report Share Posted March 16, 2022 The peso is very slowly becoming stronger again. It is down to only 20.70 pesos per US dollar. Link to comment Share on other sites More sharing options...
mudgirl Posted March 16, 2022 Report Share Posted March 16, 2022 14 hours ago, bobby brown said: I like twenty-one---More Pesos to the dollar-- Gee, Bobby, I thought you were Mexican, as you keep claiming. I wouldn't think that the US dollar would be anything pertinent to your life. Link to comment Share on other sites More sharing options...
bobby brown Posted March 19, 2022 Report Share Posted March 19, 2022 On 3/16/2022 at 1:10 PM, mudgirl said: Gee, Bobby, I thought you were Mexican, as you keep claiming. I wouldn't think that the US dollar would be anything pertinent to your life. Very pertinent; as a large portion of my investments originate in the states--as in Mexico--I watch the exchange rate as to get the best conversion rate for my dollar-- Link to comment Share on other sites More sharing options...
bobby brown Posted March 21, 2022 Report Share Posted March 21, 2022 On 3/16/2022 at 1:10 PM, mudgirl said: Gee, Bobby, I thought you were Mexican, as you keep claiming. I wouldn't think that the US dollar would be anything pertinent to your life. Its income--a nest egg; I worked hard for; for when I retire-Immigrating to Mejico--I also have income in Mexico-called diversafying my exposer --Australia; Canada; etc. maybe Mexico too; are starting to get ready to confiscate bank accounts if WW111 gets hot--If that happens; then all this conversation is mute. Link to comment Share on other sites More sharing options...
happyjillin Posted March 21, 2022 Report Share Posted March 21, 2022 1 hour ago, bobby brown said: Its income--a nest egg; I worked hard for; for when I retire-Immigrating to Mejico--I also have income in Mexico-called diversafying my exposer --Australia; Canada; etc. maybe Mexico too; are starting to get ready to confiscate bank accounts if WW111 gets hot--If that happens; then all this conversation is mute. Wow! You must be a special highly respected mover and shaker to be privi to what the gummints of Australia,Canada; etc. maybe Mexico have planned. DOUBLE SNORK! pedro kertesz 1 Link to comment Share on other sites More sharing options...
bobby brown Posted March 21, 2022 Report Share Posted March 21, 2022 30 minutes ago, happyjillin said: Wow! You must be a special highly respected mover and shaker to be privi to what the gummints of Australia,Canada; etc. maybe Mexico have planned. DOUBLE SNORK! pedro kertesz Just got my ear on the railroad tracks listening for what's coming-- or doing due diligence and keeping myself informed--"DOUBLE SNORK" back at ya !! 1 Link to comment Share on other sites More sharing options...
AlanMexicali Posted March 25, 2022 Report Share Posted March 25, 2022 On 3/8/2022 at 11:43 AM, AlanMexicali said: https://www.aljazeera.com/economy/2021/12/28/mexico-plans-to-end-oil-exports-in-2023-to-reach-self-sufficiency Bloomberg: "Mexico plans to end crude oil exports in 2023 as part of a strategy by the nationalist government of Andres Manuel Lopez Obrador to reach self-sufficiency in the domestic fuels market. Petroleos Mexicanos, the Mexican state-owned producer known as Pemex, will reduce crude oil exports to 435,000 barrels a day in 2022 before phasing out sales to clients abroad the following year, Chief Executive Officer Octavio Romero said during a press conference in Mexico City on Tuesday. The move is part of a drive by Lopez Obrador to expand Mexico’s domestic production of fuels instead of sending its oil abroad while it imports costly refined products, like gasoline and diesel. Mexico currently buys the bulk of the fuels it consumes from U.S. refineries. If fulfilled, Pemex’s pledge will mark the withdrawal from the international oil market by one of its most prominent players of the past decades. At its peak in 2004, Pemex exported almost 1.9 million barrels a day to refineries from the Japan to India, and was a participant in meetings by the Organization of Petroleum Exporting Countries as observer. Last month, the Mexican company sold abroad slightly more than one million daily barrels, according to Pemex data. The export reduction will come as Pemex increases its domestic crude processing, which will reach 1.51 million barrels a day in 2022 and 2 million daily barrels in 2023, Romero said. The Mexican driller will plow all of its production into its six refineries, including a facility under construction in the southeastern state of Tabasco and another one being bought near Houston, Texas. This plant is considered part of Mexico’s refining system even if located across the U.S. border." The heavy Gulf crude oil Mexico has has to be mixed with imported light crude to be refined into gasoline and diesel. I just read a news article about Dos Bocas. It will probably be completed in the 8 to 9 years the Worldwide companies building refineries estimated. It will probably cost 16 to 18 billion USDs these companies estimated. But it will be the one refinery that doesn't need light crude oil to mix with Mexico's heavy crude like all the other refineries in Mexico do. Quote: "From the little that is known, direct assignments abound, and billions of pesos with no clear destination. The same is happening in Dos Bocas, where we have already gone from 8 billion to 12 billion dollars in the expected cost, but very likely we will reach 16 billion. On the other hand, it is already clear that it will not operate during this six-year term, but during the next one, according to public information. But that remains to be seen, because it is designed for heavy crude, which by then we may not have enough of. In fact, during February, the production of heavy crude oil was 683 thousand barrels per day, 10 percent less than a year ago, 200 thousand barrels less than two years ago, 350 thousand less than in 2019. At that rate, in three years all production would have to go to Dos Bocas, leaving the rest of the National Refining System without inputs. Maybe it won't matter by then, because the old refineries don't work very well anymore, so to speak. By the way, in February Pemex's production was the lowest since the 1970s, with the sole exception of July 2020, which was practically the same as last month." https://www.elfinanciero.com.mx/opinion/macario-schettino/2022/03/25/lo-perdido/?outputType=amp Link to comment Share on other sites More sharing options...
bobby brown Posted March 26, 2022 Report Share Posted March 26, 2022 On 3/21/2022 at 2:56 PM, happyjillin said: Wow! You must be a special highly respected mover and shaker to be privi to what the gummints of Australia,Canada; etc. maybe Mexico have planned. DOUBLE SNORK! pedro kertesz Just keeping an eye on the enemy of freedom---HA Link to comment Share on other sites More sharing options...
gringohombre Posted March 26, 2022 Report Share Posted March 26, 2022 What every Mexican knows..."When the US sneezes, México catches the flu!" Well, the US is not sneezing up there, they are going into convulsions!!! Link to comment Share on other sites More sharing options...
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