Pemex Hedges Oil For First Time In 11 Years

Mexico’s state oil major has decided to hedge its oil output until the end of the year for the first time since 2006, spending $133.5 million on the maneuver. The hedge will lock in a price of $42 per barrel of Pemex oil for an amount of up to 409,000 barrels per day. The move suggests that Pemex is in the skeptics’ corner of the oil industry – Middle Eastern producers are still hoping to bring prices to $60 a barrel. The government is also skeptical about international oil price-related efforts. In its budget forecast for the…

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