UPDATE 1-Mexican minister says 2013 oil exports hedged near $84.90
MEXICO CITY, Dec 10 (Reuters) - Mexico's Finance Minister Luis Videgaray said on Monday that the country has hedged 2013 crude oil exports at a price around $84.90 per barrel. "The hedges that protect the price of oil have already been set ... in line with the proposals in the revenue law which cover exports in case we have a fall in the price of oil," Videgaray said in remarks to Mexico's lower house of Congress. The country's 2013 budget proposes a per barrel price of oil for export at $84.90 per barrel. Mexico hedges a large chunk of its revenue from state oil monopoly Pemex for the year ahead in one of the largest hedging programs in the oil market. In January, the Finance Ministry said it had hedged 211 million barrels of crude oil for 2012 at an average of $85 per barrel. In 2010, it hedged 222 million barrels of 2011 production at $63 per barrel. In 2009, Mexico's oil hedges proved a lifesaver for the country's finances as crude prices crashed. After locking in a minimum price for its net oil export volumes for the year, disaster was averted as Mexico staggered into its worst economic downturn since the 1990's.
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