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Mexico pay $1 billion to hedge its oil exports

Susana Gonzalez /Bloomberg

The hedge price is consistent with amounts paid by Mexico in recent years.

- Mexico hedged at average of $49 /barrel to lock in protection for 2020 oil exports
-
Finance Minister Herrera discloses outlay at request of AMLO

By Cyntia Aurora Barrera Diaz and Eric Martin / Bloomberg

MEXICO CITY
Petroleumworld 01 10 20120

Mexico paid $1 billion to protect its 2020 oil exports against steep price fluctuations, Finance Minister Arturo Herrera said Thursday.

In a departure from previous years, the Finance Ministry did not disclose how much it paid for the coverage when it announced the conclusion of the hedge last week.

Herrera was prompted to reveal the price at the request of President Andres Manuel Lopez Obrador.

The hedge price is consistent with amounts paid by Mexico in recent years as part of a highly anticipated and intricate transaction that catches the attention of many global banks.

Herrera said the oil hedge is very important to protect Mexico's oil exports, which represent about 4% of the country's gross domestic product.



By Cyntia Aurora Barrera Diaz and Eric Martin from Bloomberg.

bloomberg.com 01 09
2020

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