Mexico Leaves OPEC Behind, Pockets Billions From Oil Hedge ...Middle East

Mexico has made $2.5 billion from its 2020 oil hedge—the biggest hedge in the oil world. Bloomberg reported the news citing unnamed sources familiar with the hedge, noting the hedge runs from December 1 of one year until November 30 the next year. Bloomberg estimated that based on the total size of the payout, the price was probably between $45 to $47 per barrel, assuming the government bought the same amount of options it has bought in previous years. The average price of the Mexican oil basket in the period December 1, 2019, to November…

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