Mexico hedges nest year's oil exports at $49 a barrel

Mexico has concluded its vast oil hedging program for next year, paying more than $1 billion to guarantee it will get at least $49 a barrel for about half of its exported crude in 2016.

Announcing the unusually early completion of the biggest sovereign oil derivatives trade in the world, Mexico's finance ministry said late on Wednesday it had bought options based on Maya and Brent crude oil prices that will cover 212 million barrels of oil, at a cost of $1.09 billion.



Source: Reuters