The Mexican government has guaranteed oil export revenues for 2026 by purchasing oil hedge insurance, according to Finance Secretary Edgar Amador Zamora. The official declined to specify the covered volume but confirmed the price is based on the 54.9 dollars per barrel projection for the Mexican export mix.
Finance and Public Credit Secretary Edgar Amador Zamora announced that the federal government has secured oil export revenues for 2026 through oil hedges. During the morning press conference at the National Palace, Zamora explained that this financial operation aims to protect the budget from crude oil price volatility.
The General Economic Policy Criteria estimate the price of the Mexican export mix at 54.9 dollars per barrel for 2026, compared to the initial 57.8 dollars approved for 2025, later adjusted to 62 dollars. “It is one of the most important financial hedging operations for energy products in the world, so we cannot disclose data regarding the covered volume for the good of the country's finances,” Zamora stated, noting that the market is illiquid and specialized.
These hedges, purchased by the Finance Secretariat since 2001, are Asian put options that activate if the barrel price falls below the estimate in the Federal Revenue Law. They typically cover the price set in that law to ensure programmed fiscal revenues. The operation occurs in the first weeks of the year, and the Superior Audit Office has reviewed previous exercises.
As an example, in 2015 the hedges protected 228 million barrels at 76.4 dollars per barrel, when the average was 50 dollars, generating a payment of 6,019 million dollars. “The goal is to cover the programmed fiscal revenues for the exercise, in this case for 2026; those parameters are set, and the important thing is that the Mexican State has guaranteed a significant portion of those revenues,” the secretary added.
