Supply Chain Research

The Mexican government may be close to completing its annual oil price hedging exercise. The country has become a net energy importer since 2014 and had oil and petroleum exports of $28.8 billion in the 12 months to Jul. 31. One challenge for the main exporter, Pemex, has been increasing U.S. oil independence. The U.S. only accounted for 57.7% of Mexico’s oil exports in the 12 months to Jul. 31 from 72.5% in 2013. That’s left Pemex more dependent on shipments to Spain, which represented 35.6% of non-U.S. exports from Mexico in the past 12 months, and India which accounted for 35.1%. Peme...