MEXICO: Pays $1.17 Billion USD To Hedge Oil At $57 BBL For 2010.

BLOOMBERG/
Mexico paid $1.172 billion in oil hedge protection for 2010 to cover revenue shortfalls if production falls for the sixth straight year and prices don’t recover from about a five-year low. “If we don’t collect any resources from this transaction it’s OK because that means oil would have been above $57 a barrel,” said Finance Minister Agustin Carstens. Mexico lost about $23.3 billion of oil revenue this year as production at Pemex fell at the fastest rate since 1942.