The Mexican government has hedged its exposure to the oil price for 2010 at $57 a barrel.
The annual budget is based on the assumption that the average price for oil next year will be $59. “This is not a perfect hedge, but it’s close enough,” said Agustín Carstens, minister of finance, said at a press conference in New York today. “This gives us enough cushion to face volatility in the market.”
The government has hedged 230m barrels,...