According to the Finance Ministry, Mexico has fixed an average oil price for next year at $70 per barrel with put options bought from commercial banking institutions, securing around 40% of the national budget in 2010.

Moreover, these put options will allow the country to sell oil at a set price in the future.

The Mexican government gets 40% of its budget from state-owned oil company Petroleos Mexicanos, the only company permitted to explore or produce oil within Mexico.

According to the note, the national government had received a payment of about $5.1 billion, as a result of a parallel operation carried out during the last year.

During the existing year, Mexico’s oil price is lower than budget expects due to the recession that centered in the United State.

The the majority of economists said that oil prices will overshoot Mexican budget estimations for the next year, adding up that a global economic recovery will increase all raw material prices.