June 28, 2019 / 7:46 PM / a year ago

Mexico nearly ready with formula for billion dollar oil hedge -official

MEXICO CITY/NEW YORK, June 28 (Reuters) - Mexico has nearly completed work on the formula it uses to hedge its oil production, a finance ministry official said on Friday, including changes to how it factors fuel oil prices into its export mix.

“We have the formula, and we’ll be making it official soon,” said Gabriel Yorio, a senior finance ministry official. “We have it practically ready.”

Mexico buys about $1 billion worth of financial positions to protect its oil sales revenues for the coming year against price volatility. (Reporting by Dave Graham in Mexico City and Devika Krishna Kumar in New York; Editing by Tom Brown)

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