Mexico Expanding Oil Hedge as Fuel Prices Float, Meade Says

09/12/2017 Bloomberg

Mexican Finance Minister Jose Antonio Meade attends a conference marking the International Day of Family Remittances 2017 in Mexico City
Mexican Finance Minister Jose Antonio Meade attends a conference marking the International Day of Family Remittances 2017 in Mexico City, Mexico June 16, 2017. REUTERS/Carlos Jasso

Mexico will most likely expand its oil hedge marginally for 2018 as it liberalizes gasoline prices, while the cost for the government to protect crude exports against a drastic drop in prices will be about the same as for this year, Finance Minister Jose Antonio Meade said.

The earthquake off Mexico’s coast last week should trigger a portion of the World Bank’s largest catastrophe bond if the location in Chiapas and its magnitude of 8.1 is confirmed, Meade said in an interview with Bloomberg News. The World Bank issued in August the bond of as much as $360 million against losses from tropical cyclones and earthquakes in Mexico.

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