A mix of Mexican crudes is already valued at less than $28, an 11-year low, according to data compiled by Bloomberg. Iraq is offering its heaviest variety of oil to buyers in Asia for about $25. In western Canada, some producers are selling for less than $22 a barrel.
Even oil prices from OPEC, which supplies about 40 percent of the world’s crude, are trading below the main two benchmarks. The daily price of 12 crudes produced by the Organization of Petroleum Exporting Countries stood at $33.76 a barrel on Monday, the lowest in seven years.