The world's sixth biggest oil producer hedged almost all of next's year oil exports at prices ranging from $70 to $100 at a cost of about $1.5bn through derivatives contracts, according to bankers familiar with the deal.
The cover is far higher than the country – which relies on oil for up to 40 per cent of government revenue – usually seeks. Last year, Mexico hedged 20-30 per cent of its exports.
Mexico's finance ministry yesterday declined to comment but said in its latest quarterly report that its oil income stabilisation fund spent about $1.5bn on “financial investments, as part of the measures taken for risk management”.
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