Mexico is taking steps to protect itself from the oil price remaining below $70 a barrel in the clearest sign yet of the concerns of oil-producing countries at the impact of the global economic slowdown on their revenues.
The world’s sixth biggest oil producer hedged almost all of next’s year oil exports at prices ranging from $70 to $100 at a cost of about $1.5bn through derivatives contracts, according to bankers familiar with the deal.
The cover is far higher than the country – which relies on oil for up to 40 per cent of government revenue – usually seeks. Last year, Mexico hedged 20-30 per cent of its exports.
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