Nov
22
Mexico Set to Receive a $2.9 Billion Windfall From Oil Hedges, IMF Says
By-
Oil exports locked in at 42% above average price of past year
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Second straight year the price insurance has reaped a payout
Mexico is set to earn about $2.9 billion from its oil hedges for 2016, reaping a windfall from plummeting crude prices for a second straight year, according to the International Monetary Fund.
Mexico has spent an average of almost $1 billion a year over the past decade buying put options through deals with banks that have included Goldman Sachs Group Inc., Citigroup Inc., JPMorgan Chase & Co., according to government documents. The payout for 2016 will be about $2.9 billion, the IMF said in an e-mailed response to questions on Tuesday after completing its annual review of the nation’s economy…
Mexico Set to Receive a $2.9 Billion Windfall From Oil Hedges, IMF Says
