Oil cuts
NZPA-AP Mexico City Mexico has slashed crude oil prices an average of SUS 4 a barrel, but warned that falling oil prices could ultimately damage the international system of banking and trade.
The new Mexican prices, retroactive to January 1, were announced after President Miguel de la Madrid and Venezuela’s President Jaime Lusinchi agreed to begin coordinating their two nations’ petroleum pricing strategies. The average price of Mexican oil fell below SUS2O for the first time with the announcement.
Private analysts have warned that in Mexico’s case, a sustained world price of SUS2O a barrel may make foreign debt repayment impossible this year.
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Press, 3 February 1986, Page 30
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105Oil cuts Press, 3 February 1986, Page 30
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