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.
It has also given Agustín Carstens, the country's finance minister and architect of the hedging strategy, a Wall Street-sized reputation for financial wizardry.
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