Mexico has received $2.65bn from its 2016 oil hedge – an annual operation in derivatives markets that provides the government with insurance against price falls. Analysts had expected it to receive as much as $2.9bn.
The income, received by the government on Wednesday and will be used for budget spending, writes Jude Webber in Mexico City.
The 2016 hedging programme consisted of a put option on 212m barrels of oil at $49 per barrel. To cover the $1 per barrel difference between the option price and the budgeted oil price, the government set aside 3.477bn pesos in its Budget Income Stabilisation Fund.
The 2017 programme covers 250m barrels and hedged the oil price at $42 per barrel via a put option at $38 per barrel and the $4 per barrel balance covered by 18.62bn pesos set aside in the same budget fund
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