Mexico’s Mega Oil Hedge Cost “Around” $1 Billion

The largest oil hedge in the world cost Mexico “around $1 billion” for 2020, Mexico’s Finance Minister Arturo Herrera said on Thursday, according to Reuters. Herrera had said the cost of the hedge would be revealed on Thursday. Herrera disclosed the rough cost of the hedge at the prompting of Mexico’s President Andres Manuel Lopez Obrador. For 2019, Mexico spent $1.23 billion, locking in a fixed price of $55 per barrel. Herrera failed to disclose the actual figure in order to keep market players in the dark as to when Mexico…