MEXICO CITY Dec 21 Mexican oil export revenue
will be hedged at an average price of $86 per barrel in 2013,
the country's Finance Ministry announced in a statement late
The statement did not provide other details of the hedging
program, known formally as the Oil Revenues Stabilization Fund,
Mexican Finance Minister Luis Videgaray said on Dec. 10 that
the country has hedged 2013 crude exports at a price around
$84.90 per barrel, the same average price included in the
country's budget for next year.
Mexico, regarded as the biggest producer nation in the world
that uses derivatives markets to protect against oil price
swings, relies on oil revenues to fund about a third of its
Mexico's is the world's seventh largest oil producer.