In 2022 Merey sold $11.1 below Maya, not $15

Merey’s discount to Maya in 2022 was −$11.1 per barrel. The figure in circulation was −15.

The correction is one of method. The study’s previous version used an estimated Maya of $92. The realized Maya that Pemex publishes was $88.10. With that figure, the discount shrinks by almost $4.

The change carries other numbers with it. The peak sanctions discount falls from −10 to −6. That of heavy Lake Maracaibo crude goes from −13 to −9.

For a C-suite executive, the point is current. If your model calibrates the future with an inflated 2022, it overpenalizes every barrel.