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Mexican Government Gets $2.65 Billion Under Oil Hedging Program

Sputnik International

The Mexican government has received $2.65 billion from oil-price hedges, the country’s Finance Ministry announced in a statement. 08.12.2016, Sputnik International

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Mexican Government Gets $2.65 Billion Under Oil Hedging Program

04:23 GMT 08.12.2016 (Updated: 14:18 GMT 15.11.2022)

© AFP 2023 / Luis AcostaA Mexican flag flutters at the Zocalo square in Mexico City, on April 29, 2009. The World Health Organisation raised its flu alert to phase five out of six, WHO chief Margaret Chan said, signalling that a pandemic was "imminent" following the swine flu outbreak.

A Mexican flag flutters at the Zocalo square in Mexico City, on April 29, 2009. The World Health Organisation raised its flu alert to phase five out of six, WHO chief Margaret Chan said, signalling that a pandemic was imminent following the swine flu outbreak. - Sputnik International

The Mexican government has received $2.65 billion from oil-price hedges, the country’s Finance Ministry announced in a statement.

Mexico May Hike Oil Output to 2.9Mln Barrels Daily Surpassing Venezuela, Brazil

6 December 2016, 03:48 GMT

MEXICO CITY (Sputnik) – The Mexican government hedged oil for 2016 at around $49 per barrel, covering about 212 million barrels, the statement said, as cited by The Wall Street Journal on Wednesday.

This is the second year in a row that the Mexican government collects funds under the hedging program.

Oil market turbulence caused oil prices to plunge from $115 per barrel in June 2014 to less than $30 per barrel in January 2016, causing hardship for oil exporters and placing a number of global oil producers at risk of bankruptcy. Since then, prices have slightly increased and currently stand at $45-50 per barrel.