Mexico hedges oil price at $57 in 2010
The government of Mexico has hedged much of its 2010 oil exports at $57 per barrel following the successful completion of its 2009 hedging programme, which generated gross revenues of $5 billion.
Speaking at a press briefing in New York yesterday, the Mexican minister of finance, Agustín Carstens, said Mexico had hedged expected 2010 net exports of 230 million barrels at $57 per barrel, at a cost of just over $1 billion.
This is $2 below the $59 per barrel price assumed in Mexico’s 2010 budget, according to Carstens. “This means we don’t have a perfect hedge, but it is close enough – $2 [per barrel] will not have an impact on our economy,” said Carstens, adding the strategy was
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