Mexico has begun its massive annual oil-hedging program, which typically draws Wall Street banks such as Goldman Sachs Group Inc. and seeks to lock in crude revenues. The nation is taking on market positions to insure its 2023 oil exports against a price downturn, according to people familiar with the matter. The program covers the first half of the year and would protect revenues if oil falls below $75 a barrel, said one of the people, who asked not be named because the trade is private. The so-called Hacienda Hedge is the largest sovereign oil hedge in the world, typically costing $1 billion and historically ... (full story)