Mexico, the worldâ??s sixth biggest oil producer, hedged almost all of nextâ??s year oil exports at prices ranging from $70 to $100 through derivatives contracts, according to people familiar with the deal.

Mexicoâ??s finance ministry declined to comment on Monday but said in its latest quarterly report that its oil income stabilisation fund spent about $1.5bn on financial investments, as part of the measures taken for risk management.

The cover is far higher than the country usually seeks. Last year, Mexico hedged 20-30 per cent of its exports.

Mexico relies on oil for up to 40 per cent of government revenue.