The historic OPEC+ output cuts agreement has kept vast quantities of oil in the ground. This represents an opportunity for hedging these remaining barrels in their reservoirs and selling them at specified prices in the future. Mexico may be one of the few, if not the only, producer whose budget was not affected by the Black April price crash when crude tumbled to unprecedented lows. That was because hedging gave Mexico the right to sell its oil at a pre-set price, and in turn gave it security when prices collapsed. Recent reports have linked the country to the world’s largest oil hedge with top Wall Street banks ... (full story)