Jan. 31 (Bloomberg) -- Mexico, the third-largest supplier of oil to the U.S., has locked in prices for 2012 oil exports at $85 a barrel, the Finance Ministry said.
The state purchased an unspecified number of options at an unspecified price to sell oil, the ministry said in an e-mailed statement last night.
The nation normally hedges oil exports to cover a possible revenue shortfall if prices fall. About a third of Mexico’s annual budget is funded by oil revenue. The budget for this year estimates oil will sell for $84.90 a barrel.
Mexico exported about 1.34 million barrels of crude a day in 2011, according to statistics from Petroleos Mexicanos, the state-owned oil company. About 85 percent of that went to the U.S.
Canada and Saudi Arabia are the two largest suppliers to the U.S., according to the Energy Information Administration.
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