對沖油價下跌 墨西哥凈賺80億美元

Mexico is set to earn a record $8bn from financial contracts it bought last summer as insurance against weaker energy demand and lower oil prices this year, the Financial Times has learnt.

英國《金融時報》獲悉，墨西哥去年夏季購入一些金融合約，作為防范今年能源需求走弱和油價下跌的保險，現(xiàn)在，該國將從這些合約凈賺創(chuàng)紀(jì)錄的80億美元。

The oil producer's astute risk management will make it the envy of Opec, the oil cartel whose members are struggling with a collapse in prices from last year's peak of $147 a barrel and who are due to meet tomorrow to discuss output levels.

該石油生產(chǎn)國精明的風(fēng)險管理，將使其成為石油輸出國組織（OPEC，歐佩克）的羨慕對象。歐佩克成員國正苦苦應(yīng)對油價從去年每桶147美元的峰值大跌的影響，該組織將于明天開會，討論產(chǎn)量水平。

It has also given Agustín Carstens, the country's finance minister and architect of the hedging strategy, a Wall Street-sized reputation for financial wizardry.

這也為上述對沖策略的設(shè)計者、墨西哥財長奧古斯丁•卡斯滕斯(Agustin Carstens)，贏得了享譽(yù)華爾街的金融奇才聲譽(yù)。

Traders joked yesterday that Mr Carstens was probably 2009's “most successful, but worst paid, oil manager”. But he will be hard pushed to repeat his success. Mexico is unlikely to secure the same favourable protection for next year.

交易員昨日開玩笑稱，卡斯滕斯大概是2009年“最成功、但薪酬最低的石油經(jīng)理”。但他將很難再現(xiàn)自己的成功。墨西哥不太可能為明年購得同樣優(yōu)惠的保護(hù)。

Oil traders said the world's sixth-largest oil exporter had started to hedge a small portion of its oil revenues for next year after it successfully locked in an average price of $70 a barrel for all its oil exports this year. The fresh deals were securing a lower price floor for 2010 of about $50-$55, they said.

石油交易員表示，全球第六大石油出口國在為今年所有出口石油成功鎖定每桶70美元的均價后，已開始為明年一小部分的石油收入進(jìn)行對沖操作。

The Mexican windfall will be scrutinised by other producers suffering a drop in oil revenues, and particularly by Opec's members. The cartel is set to earn revenues of $555bn this year, down 40 per cent from 2008, according to US estimates.

其它承受石油收入下降之苦的產(chǎn)油國——尤其是歐佩克成員國——將仔細(xì)研究墨西哥這筆意外之財。據(jù)美國估計，歐佩克今年的石油收入將達(dá)到5550億美元，較2008年下跌40%。

Edward Morse, chief economist at LCM Commodities in New York, said Mexico's accomplishment was “idiosyncratic to last year's oil market”, when record oil prices of $150 a barrel allowed the country to buy cheap insurance for 2009. The success, he added, was unlikely to be copied by other countries.

紐約LCM Commodities首席經(jīng)濟(jì)學(xué)家愛德華•莫爾斯(Edward Morse)表示，墨西哥的成就“是去年石油市場造成的特有現(xiàn)象”，當(dāng)時，每桶150美元的天價，使該國能夠?yàn)?009年購買廉價的保險。他補(bǔ)充道，這一成功不太可能被其它國家復(fù)制。

譯者/陳云飛