Mexican Crude Arrives in Japan as Global Oil Prices Continue to Climb

A Cosmo Oil tanker has successfully delivered its first shipment of Mexican crude to Japan since the US-Israeli war with Iran began in late February. The vessel, which carried oil from the Gulf of Mexico via the Cape of Good Hope at the southern tip of Africa, arrived at Japan's Yokkaichi refinery on July 18.

This marks a significant milestone for Mexico's energy exports to Japan, and it comes as global oil prices continue to rise due to escalating geopolitical tensions in the Middle East. West Texas Intermediate (WTI) crude futures dropped 3% on Friday but still recorded an 8% cumulative gain for the week, settling at $89.31 per barrel.

Economists predict that higher international crude prices could generate an estimated MX$35.2 billion in additional revenue for Mexico in 2026, assuming oil averages US$80/b. However, this increase is expected to be offset by lower crude export volumes and increased domestic refining priorities, among other factors.