Pemex Received First Payment From Its Hedge After Oil Plunges
- AMLO says Mexico will refine more crude instead of exporting
- Pemex protected about one-fifth of its crude exports in 2020
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Petroleos Mexicanos received its first payment from its annual oil hedge, as prices fell the most in three decades amid a producer battle for market share, and the fast-spreading coronavirus.
Pemex protected its 2020 oil exports at an average of $49 a barrel, receiving the first payment for the month of February, it said in an emailed statement. The hedge was activated for February because of “the fall in oil prices in international markets due to the effect of the coronavirus,” it said.