Mexico hedges 2015 oil exports

Mexico has finished its 2015 oil hedging program, paying more than 40 percent more for this year to protect revenue from crude exports used to finance a third of the government's budget, the finance ministry said.

Finance Minister Luis Videgaray said that Mexico purchased put options between September and November to guarantee an average oil price of $76.40 per barrel for next year's exports, below the forecast price in the country's 2015 budget.

Since June, benchmark oil prices have fallen more than 25 percent because of a supply glut and slower economic growth worldwide.


Source: Reuters