Mexico reveals $85 a barrel oil hedge
Mexico has bought protection against the effects of an economic downturn, in effect insuring its oil exports at $85 a barrel for 2012, a senior finance ministry official said on Tuesday.
Miguel Messmacher, the ministry’s chief economist, said the hedging programme would cover 211m barrels – about 580,000 barrels a day – at $85 a barrel, or 23.4 per cent below current prices of $111 a barrel.
