Q&A: Gerardo Rodriguez, Mexico's Ministry of Finance and Public Credit

Mexico's 2012 oil hedging programme

Gerardo Rodriguez - Mexico - deputy finance minister

The government of Mexico is the best-known sovereign oil hedger, operating a hedging programme that is rolled out towards the end of each year after approval by Congress. The programme gained much attention in 2009 when, with crude prices slowly recovering from their December 2008 low of $30 per barrel (bbl), the hedge allowed Mexico to sell much of its output at $70/bbl, earning the country $5 billion.

The ministry stresses that the hedging programme is not intended to make the country extra

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