Financial Times FT.com

Oil

Mexico to enjoy $8bn windfall from oil bet

By Javier Blas in London

Published: September 7 2009 20:36 | Last updated: September 8 2009 03:29

Agustin CarstensReuters
Agustín Carstens, Mexican finance minister
Mexico is set to earn a record $8bn from financial contracts it bought last summer as insurance against weaker energy demand and lower oil prices this year, the Financial Times has learnt.

The oil producer’s astute risk management will make it the envy of Opec, the oil cartel whose members are struggling with a collapse in prices from last year’s peak of $147 a barrel and who are due to meet tomorrow to discuss output levels.

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