MEXICO CITY, Oct 1 (Reuters) - Mexico has started its oil hedging program for 2015, Finance Minister Luis Videgaray told Reuters on Wednesday, but gave no further details.
“It is a gradual process and we have started to execute it,” Videgaray said.
The annual hedging deals, the biggest known sovereign hedging program in the world, typically occurs around August and September each year.
Finance officials in Mexico, who use the hedge to protect public finances heavily dependent on crude revenue, have said they will not comment on the particulars of the transaction until after it is complete.
The oil hedge program, which cost the country at least $450 million for 2014, is designed to protect government finances from a precipitous drop in oil prices. (Reporting by Ana Isabel Martinez)