The Hacienda Oil Hedge

A couple of weeks ago, Bloomberg reported that Mexico will hedge oil prices for the next year:

Mexico plans “without a doubt" to protect the country against low crude prices for next year, Deputy Finance Minister Vanessa Rubio said in an interview, in a continuation of what’s become the world’s largest commodities hedging program. Read more

This is supposed to be the biggest oil hedging program in the world. 

Yesterday another Bloomberg article gave interesting insights into Mexico’s oil hedging program

This is the untold story of how Mexico, as early as 1990, constructed what quickly became the world’s largest and best-­concealed oil trade.

It is, however, interesting to note:

If anything, recent results have made the Mexican government look especially good. The country earned $6.4 billion in 2015 and $2.7 billion in 2016 [and $5.1 billion in 2009]. Read more

So the Mexico’s government consistently makes money from its oil hedges.

Does this look like a hedge?