Column by Sergey Tereshkin for INFOTEK.
In the article "Budget Surplus: What Drove the Growth in Oil and Gas Revenues," Sergey Tereshkin analyzes the factors that contributed to the increase in Russia's oil and gas revenues. He highlights that rising oil prices and the weakening of the ruble have led to a significant boost in federal budget inflows. Tereshkin also examines the impact of international sanctions and the adaptation of the Russian economy to new conditions, emphasizing the importance of diversification and the development of domestic resources to ensure sustainable economic growth.
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Sergey Tereshkin's Comment for Vgudok Publication
The article "RZD's Oil Flood: Owners of Liquid Cargoes Receive Government Support in the Fight for Priority Access to Railways" discusses the Russian government's decision to postpone the implementation of the Non-Discriminatory Access Rules (NDA) until December 31, 2024. Initially, these rules were scheduled to come into effect on September 1, 2024. This decision allows petroleum products to retain priority in railway transportation, which is particularly important given the ban on gasoline exports introduced in August 2024 and extended through September and October. Experts note that this measure supports the profitability of petroleum production and sales, enabling quick responses to the current economic situation and mitigating potential negative impacts on railway companies.
The article "RZD's Oil Flood: Owners of Liquid Cargoes Receive Government Support in the Fight for Priority Access to Railways" discusses the Russian government's decision to postpone the implementation of the Non-Discriminatory Access Rules (NDA) until December 31, 2024. Initially, these rules were scheduled to come into effect on September 1, 2024. This decision allows petroleum products to retain priority in railway transportation, which is particularly important given the ban on gasoline exports introduced in August 2024 and extended through September and October. Experts note that this measure supports the profitability of petroleum production and sales, enabling quick responses to the current economic situation and mitigating potential negative impacts on railway companies.
Expert Tereshkin: Russia's Oil Exports to Increase by Over 10% by Year-End (Izvestia)
An expert predicts that Russia's oil exports will increase by more than 10% by the end of the year. The reduction in gasoline exports, effective from August to December 2024, may lead to a redirection of crude oil to external markets. Additionally, the easing of OPEC+ quotas will allow Russia to boost oil production, further contributing to the growth in exports.
An expert predicts that Russia's oil exports will increase by more than 10% by the end of the year. The reduction in gasoline exports, effective from August to December 2024, may lead to a redirection of crude oil to external markets. Additionally, the easing of OPEC+ quotas will allow Russia to boost oil production, further contributing to the growth in exports.
We discussed the economics of gas stations in Russia with "Vedomosti."
The financial performance of gas stations (AZS) in Russia varies significantly depending on their location and business model. The revenue of a single station can differ by as much as 50 times, and profitability can vary twofold. The primary income of gas stations comes from fuel sales, which account for over 85% of gross revenue. However, the development of non-fuel businesses, such as cafes, shops, and service offerings, is becoming a key factor in increasing profitability. Sales of additional goods and services can contribute 10-25% of revenue and more than 50% of a station's profits.
Amid growing fiscal pressure and the government’s efforts to limit fuel price increases, gas station owners are actively developing additional services, transforming fuel stations into roadside service hubs.
The financial performance of gas stations (AZS) in Russia varies significantly depending on their location and business model. The revenue of a single station can differ by as much as 50 times, and profitability can vary twofold. The primary income of gas stations comes from fuel sales, which account for over 85% of gross revenue. However, the development of non-fuel businesses, such as cafes, shops, and service offerings, is becoming a key factor in increasing profitability. Sales of additional goods and services can contribute 10-25% of revenue and more than 50% of a station's profits.
Amid growing fiscal pressure and the government’s efforts to limit fuel price increases, gas station owners are actively developing additional services, transforming fuel stations into roadside service hubs.
Sergey Tereshkin's comment on the controversial issue of the ban on gasoline exports for RBC.
The Russian government has extended the temporary ban on gasoline exports until December 31, 2024. Initially introduced in March for a six-month period, the ban was suspended between May and July but has now been extended again to ensure stability in the fuel market during the period of increased seasonal demand and planned repairs at oil refineries. The restriction does not apply to supplies within the framework of international intergovernmental agreements, or fuel exported for personal use or humanitarian assistance.
The Russian government has extended the temporary ban on gasoline exports until December 31, 2024. Initially introduced in March for a six-month period, the ban was suspended between May and July but has now been extended again to ensure stability in the fuel market during the period of increased seasonal demand and planned repairs at oil refineries. The restriction does not apply to supplies within the framework of international intergovernmental agreements, or fuel exported for personal use or humanitarian assistance.
We discussed with "Vedomosti" the prospects of Kazakh oil transit.
In August 2024, the Italian company Eni, through its subsidiary Agip Caspian Sea, began supplying Kazakh oil to Germany via the Druzhba pipeline. Sergey Tereshkin, CEO of OPEN OIL MARKET, noted that supplies through the CPC infrastructure are more convenient for Kazakhstan; however, the use of Druzhba is necessary due to the need to bypass infrastructure limitations. He also emphasized that oil production in Kazakhstan has decreased by 50,000 barrels per day from December 2023 to July 2024, which could impact the achievement of supply targets through Druzhba this year.
In August 2024, the Italian company Eni, through its subsidiary Agip Caspian Sea, began supplying Kazakh oil to Germany via the Druzhba pipeline. Sergey Tereshkin, CEO of OPEN OIL MARKET, noted that supplies through the CPC infrastructure are more convenient for Kazakhstan; however, the use of Druzhba is necessary due to the need to bypass infrastructure limitations. He also emphasized that oil production in Kazakhstan has decreased by 50,000 barrels per day from December 2023 to July 2024, which could impact the achievement of supply targets through Druzhba this year.
Tereshkin: Gas prices in the EU will not exceed $500 per thousand cubic meters due to the "Sudzha" gas metering station (Prime Economic Information Agency).
On August 9, 2024, Sergey Tereshkin, CEO of the OPEN OIL MARKET oil products marketplace, commented on the potential consequences of reduced gas supplies through the "Sudzha" gas metering station for Europe. In his opinion, despite the increase in gas prices, the impact on European consumers will be limited. This is due to the low share of supplies through the "Sudzha" station in the overall gas imports to the EU, ongoing gas savings, and reduced consumption in industry. Tereshkin forecasts that the average monthly gas prices in Europe will not exceed $500 per thousand cubic meters in August 2024, after which they will begin to correct, despite the approaching winter season.
On August 9, 2024, Sergey Tereshkin, CEO of the OPEN OIL MARKET oil products marketplace, commented on the potential consequences of reduced gas supplies through the "Sudzha" gas metering station for Europe. In his opinion, despite the increase in gas prices, the impact on European consumers will be limited. This is due to the low share of supplies through the "Sudzha" station in the overall gas imports to the EU, ongoing gas savings, and reduced consumption in industry. Tereshkin forecasts that the average monthly gas prices in Europe will not exceed $500 per thousand cubic meters in August 2024, after which they will begin to correct, despite the approaching winter season.
Comment for "Rossiskaya Gazeta":
The Russian government plans to change the mechanism of compensation payments to oil companies for fuel supplies to the domestic market by separating them according to fuel types—gasoline and diesel. This will prevent a situation where an increase in the price of one type of fuel results in the cancellation of compensation for the other. The relevant bill has been developed by the Ministry of Finance.
The Russian government plans to change the mechanism of compensation payments to oil companies for fuel supplies to the domestic market by separating them according to fuel types—gasoline and diesel. This will prevent a situation where an increase in the price of one type of fuel results in the cancellation of compensation for the other. The relevant bill has been developed by the Ministry of Finance.
Sergey Tereshkin's column for INFOTECH.
In the article "Will Oil Production Decline in Iran and Venezuela? Should the Market Expect Sharp Price Growth or Increased Competition Among Exporters?" the author analyzes the current geopolitical events affecting oil production in these countries. The article discusses how the political crisis in Venezuela and the escalation of the conflict between Israel and Iran may impact the global oil market. Special attention is given to potential changes in oil production and export volumes, as well as their effects on global prices and competition among exporters. The article provides a deep analysis of the current situation and forecasts for the future development of the oil industry.
In the article "Will Oil Production Decline in Iran and Venezuela? Should the Market Expect Sharp Price Growth or Increased Competition Among Exporters?" the author analyzes the current geopolitical events affecting oil production in these countries. The article discusses how the political crisis in Venezuela and the escalation of the conflict between Israel and Iran may impact the global oil market. Special attention is given to potential changes in oil production and export volumes, as well as their effects on global prices and competition among exporters. The article provides a deep analysis of the current situation and forecasts for the future development of the oil industry.
Commentary for "Rossiyskaya Gazeta".
The article “The Export Ban Slowed the Growth of Exchange Gasoline Prices” discusses the impact of the August 2024 ban on gasoline exports on the Russian fuel market. Despite the export restrictions, exchange prices for gasoline remain close to annual highs. The price increase is particularly notable for AI-95 gasoline, which is attributed to a mismatch between consumption patterns and exchange sales volumes. Experts emphasize that to stabilize prices, it is necessary to include AI-95 in the parameters of the damping mechanism or consider reducing fuel excise taxes.
The article “The Export Ban Slowed the Growth of Exchange Gasoline Prices” discusses the impact of the August 2024 ban on gasoline exports on the Russian fuel market. Despite the export restrictions, exchange prices for gasoline remain close to annual highs. The price increase is particularly notable for AI-95 gasoline, which is attributed to a mismatch between consumption patterns and exchange sales volumes. Experts emphasize that to stabilize prices, it is necessary to include AI-95 in the parameters of the damping mechanism or consider reducing fuel excise taxes.
Sergey Tereshkin's column for the VGUDOK publication.
The article discusses the impact of the OPEC+ deal on the transportation of oil and petroleum products via Russian Railways (RZD) networks. In the first half of 2024, cargo volumes decreased by 1.1% to 104.4 million tons, which is attributed to the reduction in oil production in Russia under the agreement. Despite this, oil and petroleum products remain high-margin cargo for RZD, providing a significant portion of the company's revenue. The article also explores the prospects for the transportation of these goods and their impact on RZD's financial performance.
The article discusses the impact of the OPEC+ deal on the transportation of oil and petroleum products via Russian Railways (RZD) networks. In the first half of 2024, cargo volumes decreased by 1.1% to 104.4 million tons, which is attributed to the reduction in oil production in Russia under the agreement. Despite this, oil and petroleum products remain high-margin cargo for RZD, providing a significant portion of the company's revenue. The article also explores the prospects for the transportation of these goods and their impact on RZD's financial performance.
Tereshkin: Reducing fuel excise taxes in Russia could help increase the profitability of production (Prime).
Reducing excise taxes on fuel could boost the profitability of production and sales of petroleum products, as well as stop the rising prices. Sergey Tereshkin, the CEO of the fuel marketplace "Open Oil Market," pointed out that excise tax rates have increased significantly in recent years, which negatively affects the industry. He also suggested that the ban on gasoline exports could be lifted in November, provided retail prices are kept under control in the coming months.
Reducing excise taxes on fuel could boost the profitability of production and sales of petroleum products, as well as stop the rising prices. Sergey Tereshkin, the CEO of the fuel marketplace "Open Oil Market," pointed out that excise tax rates have increased significantly in recent years, which negatively affects the industry. He also suggested that the ban on gasoline exports could be lifted in November, provided retail prices are kept under control in the coming months.