Mexico has not set date to start 2017 oil hedging program

Mexico's finance ministry has not yet set a date to start its 2017 oil hedging program, deputy minister Miguel Messmacher said on Wednesday.

"We have not moved forward with when we're going to do it, or under what conditions so as to avoid the possibility of the market moving against us," he said.

Mexico's annual oil hedge, one of the biggest sovereign oil derivatives trades in the world, is part of the country's strategy for safeguarding oil revenues from market volatility.

Mexico's 2016 oil hedge cost the government US$1.09 billion to guarantee it will get at least US$49 a barrel for about half of the crude it will export this year.