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Mexico Oil Hedging Program for 2024 Targets 80$/bbl Price

OIL

Mexico’s annual oil-export hedging program targeting price levels of about 80$/bbl is likely close to or already completed according to Bloomberg sources.

  • The hedging process to buy put options to protect revenues if crude prices fall is one of the crude market’s largest such undertakings. The hedging program has historically been valued at about $1 billion according to Bloomberg although the country is aiming to reduced exports to reach self-sufficiency in the domestic fuels market.
  • The program has become increasingly secretive in recent years and with more executed through oil majors and less through banks according to traders.
  • Mexico’s oil hedge for 2023 protected against crude prices falls below 68.70$/bbl according to Deputy Finance Minister Gabriel Yorio last year.
Energy BulletsCommodities
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