Mexico Hedges 2020 Crude Oil Exports at Average $49 Per Barrel
- Finance ministry doesn’t say price government paid for hedges
- The deal is often considered Wall Street’s largest oil trade
Photographer: Susana Gonzalez/Bloomberg
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Mexico’s government hedged oil exports for this year at an average $49 a barrel, locking in protection against low crude prices, the nation’s Finance Ministry said.
A statement from the ministry on Friday announcing the completion of the hedge, for the same oil price as estimated in the 2020 budget, didn’t disclose how much Mexico paid to acquire the coverage, a break from recent years, including the announcement of the program for 2019 a year ago.