Mexico will receive $6 billion from oil hedge -president Ana Isabel Martinez

Reuter ^

[nickcarraway]

Mexican President Andres Manuel Lopez Obrador said on Wednesday that the oil hedging program the finance ministry put in place to protect government oil revenues from falling crude prices would yield 150 billion pesos ($6.11 billion).

The program is expected to compensate for lost revenues after the price for Mexico’s main Maya crude export dropped to historic lows as the novel coronavirus and the fallout between oil powerhouses Russia and Saudi Arabia roils markets.

“This coverage gives us around 150 billion pesos,” Lopez Obrador said. “That is, it compensates for income lost because of the oil price drop.” Lopez Obrador added the finance ministry had made “a very good decision” in buying the

[nickcarraway]

Someone in Mexico is pretty saavy. You couldn't have done much better than this if you had a time machine.