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Mexico’s Oil Price Hike Hits Israel

Israel will pay about 30 percent more for Mexican oil during the first quarter of 1980 than it did last year and can expect to pay still more later as a result of price hikes announced yesterday by the State-owned oil company, Pemex.

The price of Mexican crude oil was raised from $24.60 to $30 per barrel effective for the first three months of the new year and is subject to an upward revision at any time during the subsequent three months, the announcement said. Mexico became a major supplier of oil to Israel after Iranian oil was cut off by the revolutionary regime in Teheran. Mexico also sells oil to the U.S., Japan, France, Spain, Yugoslavia and several Latin American countries:

It is not a member of the Organization of Petroleum Exporting Countries (OPEC) but Pemex said prices are revised every three months to keep up with international levels. The company deals directly with client countries rather than with individual speculators on the spot market.

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