In a collaboration between Nacha Cattan, Bloomberg News politics and economy correspondent in Mexico, and Javier Blas, Chief Energy Correspondent at Bloomberg News, it is said that Mexico has begun to quietly hedge 2017 oil price.
Mexico started quietly buying contracts to lock in 2017 oil prices when futures were near their peak in June, signaling the start of what has in prior years been the world’s largest sovereign petroleum hedge, according to people familiar with the deal.
The Latin American country bought put options, which give it the right to sell crude at a predetermined price, in June and July, earlier than the usual period of late August to late September, said the people, who asked not to be identified because the process is private.
Brent crude, the global benchmark, peaked at nearly $53 a barrel in early June. Since then, prices have declined about $10 a barrel as the outlook for the global economy soured and OPEC countries boosted production. The people didn’t say how much Mexico was able to hedge before prices fell back.
In response to a list of e-mailed questions, the Mexican Finance Ministry’s press office declined to comment on the status or progress of Mexico’s oil hedge negotiations.
more recommended stories
American wanted for murder in Texas, detained in Yucatán
National Guard officers based in the.
Cancer is ending the lives of Yucatecan children
Specialists say that cancer is the.
Court asks Tesla to temporarily stop cutting down trees at site of 1st European Gigafactory
A court in Germany has ordered construction at.
Merida Carnival 2020: schedule, transport and concerts
The Merida Carnival is just a.
Could the Ciricote flower be the new emblem of Quintana Roo?
After 20 years, the Mexican Association.
In Mexico, advertising expenses will no longer be tax deductible if promoting third party brands
AMLO’s government keeps choking businesses in.
Shortage of cancer medication for children… again
Children with cancer are hanging on.
Izamal firefighters rescue dog from a 40 feet deep well
With the help of ropes and.
Cultural center “La68” will reopen its doors in Mérida
La68, one of the most iconic.
Selina to open new properties in Mérida and other Mexican destinations
Hotel operator Selina, which specializes in.