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What to Expect in the Oil Market
In 2018, the global oil market experienced a surge in prices. Concurrently, the exchange rate of the ruble to the dollar stabilized. However, the enthusiasm of many was short-lived. In the second quarter of 2019, prices plummeted by 5%. Many were puzzled: was this a crash or a correction? To complicate matters, the situation was exacerbated by issues related to contaminated ...
The share of oil and gas revenues in the 2024 budget is growing beyond the planned levels.
... extraction and export taxes contributed 30.2% in 2022, falling to 16.3% for January–September 2024. Contributions from gas condensate extraction rose to 6% over the same period.
Reverse excise payments, particularly under the damping mechanism aimed at stabilizing domestic fuel prices, reduce oil and gas revenues. In 2022, these payments amounted to 3.2 trillion rubles against revenues of 14.8 trillion. In 2023, they totaled 2.9 trillion rubles out of 11.7 trillion in revenues.
Oil Production Drives Budget Growth
The oil sector is the ...
Experts assessed the consequences of lifting the ban on gasoline exports
... additional incentive to stabilize prices, Tereshkin explains. When prices stabilize, regulators lift the restriction. Partial stabilization was observed between summer and autumn. While gasoline prices rose 3.8% over ten weeks from May 21 to July 29, they ... ....ru/2024/11/13/ekspert-toplivnogo-rynka-gusev-otkrytie-eksporta-benzina-iz-rf-vpolne-oprav...
If regulators delay lifting the ban, oil companies lose the incentive to restrain prices. “What’s the point of forgoing revenue if exports remain prohibited?” ...
Failure of Manual Management: Why Stock Prices for Gasoline are Rising
... campaign. Additionally, it is necessary to supply gasoline to auto tourists. Consequently, prices are rising to cover logistical costs aimed at addressing shortages.”
“Oil Companies Continue to Hold Prices”
There is another reason as well — the oil companies themselves are limiting gasoline supply to the market. Since 2019, Russia has implemented a damping mechanism aimed at ensuring stability in domestic fuel prices. The damper is calculated based on the difference between the export price of gasoline and its indicative domestic price, which is legislatively established. When exports become more profitable than domestic market supplies,...
Wholesale prices for gasoline in Russia have started to decrease.
... refineries, and the export ban. Additionally, the situation with the shipment of petroleum products from refineries to railroads is gradually normalizing.
Sergey Tereshkin, CEO of Open Oil Market, attributes the current drop in wholesale prices to oil companies' efforts to stabilize retail prices and lift the export ban on gasoline. He notes that up to 20-25% of all gasoline produced in Russia is currently traded on the SPIMEX. The exchange's regulatory minimum for refinery trading is 15% of gasoline production and 16% ...