Mexico spends $1bn to lock in oil export prices for 2017

08/29/16 The Financial Times

oil wellMexico has spent more than $1bn to lock in prices for oil exports next year to help protect public finances as its underperforming economy faces intensifying international headwinds, including the timing of a US rate rise and the US elections.

The government’s annual hedging programme, designed to guard against market volatility and the prospect of oil price falls, seals in a price of $42 a barrel for 2017. The level is below this year’s hedged prices of $49, and $76.40 in 2015, as oil market weakness extends into a third year.

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