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Is The OPEC Deal Within Reach?

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Friday, September 2 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Mexico steps up oil hedging

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- Mexico just announced that it has secured $9.5 billion in oil sales for 2017, hedging its bets at a shockingly low price of $38 per barrel.

- Mexico is the largest sovereign oil price hedger in the world, and has consistently locked in sales at fixed prices for the following year.
- Its 2017 hedges, at 250 million barrels, is the largest volume for the country since the aftermath of the financial crisis in 2009.
- While its strike price of $38 per barrel may raise some eyebrows, Mexico isn’t taking any chances. And it has history on its side: Mexico could take in as much as $3 billion this year because it hedged oil last year at prices just under $50 per barrel. At the time, that deal also turned some heads, but it has proved to be a smart move.

2. Fewer wells needed to keep Permian production flat

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- The Permian is attracting a greater share of interest and investment as shale companies focus their efforts on the West Texas shale basin.
- More than half of the value of the total volume of assets sales in the shale industry…

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