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oil

  • 22
    JUN15
    RUB: following oil

    On Friday, the Russian FX market corrected, dragged down by the fall in oil prices and slowdown in export hard currency selling flow. Brent had a heavy session, losing 3.4% during the day and bottoming to USD 60.8/bbl. Moreover, it seems that the support from the export side moderated on Friday as MICEX turnover amounted ...

  • 10
    JUN15
    RUB: oil supports the market

    Yesterday, volatility on the Russian FX market calmed down, while RUB got solid support due to the 4.5% uptick in the oil prices (Brent closed at USD 64.2/bbl yesterday). RUB opened a bit softer, having scratched the 56.10 level, but in the afternoon the oil factor started to play a major role, so RUB settled on a rising trend, ending the session at 55.55 (+0.8%) against ...

  • 8
    JUN15
    Oil companies – Euro-4 gasoline ban might not be postponed beyond 2016

    The ban on Euro-4 gasoline sales in Russia might not be postponed beyond 2016 and could come into effect next year, as planned, according to Vedomosti. Rosneft and Lukoil have said that they are ready to supply gasoline on the domestic market to avoid a deficit. The majority of Russian oil companies might be able to replace Euro-4 fuel production with Euro-5 by the end of this year, we think. Lukoil and Bashneft have ...

  • 3
    JUN15
    Oil and Gas - After four years of decline, dividends key

    Yesterday, we published Russian Oil and Gas - After four years of decline, dividends key. Excerpts from the front page are given below. The sector’s profitability has been on a declining trend for the fourth consecutive year, and not just because of worsening macro. We think that ...

  • 28
    MAY15
    Oil companies – oil production outpaces oil reserves growth

    The recoverable oil reserves (ABC1) in Russia have increased 0.55% to 18.3bnt, according to Igor Shpurov, Head of the State Committee for Mineral Reserves, Vedomosti reports. At the same time, the Ministry of Energy has reported reserves (ABC1+C2) growth of 750mnt, the ...

  • 20
    MAY15
    RUB: can’t resist oil

    Yesterday, risk sentiment on the Russian FX market was spoiled by a dive in oil prices as well as MinFin’s statements on FX purchase for external redemption financing. Later, in its commentaries to RIA news agency, the CBR clarified that MinFin was buying FX not through the open market, but directly from ...

  • 6
    MAY15
    RUB: on the wheels of oil

    Yesterday, Brent gained 2.3% (from last Thursday) to close at USD 66.4/bbl. Subsequently, RUB firmed 2.1% (also vs. Thursday) against USD and ended at 50.51. Meanwhile, the EM FX index declined 0.7% for the same period, with TRY being 1.2% in the red, whilst NOK was down 0.6%.

  • 6
    MAY15
    Oil and gas – tax breaks for companies using Russian equipment in exploration might be introduced

    Prime Minister Dmitry Medvedev has requested that the ministries of Finance, Economy, Energy and Natural Resources develop a mechanism of tax breaks for Russian oil and gas companies using domestic equipment in exploration activities, according to Kommersant. The mechanism might imply deductions of exploration expenses from taxable income, starting from 2016. No further details are available yet. The ministries ...

  • 20
    APR15
    Oil companies might get easier access to hard-to-recover oil

    The Ministry of Natural Resources has suggested easing access to hard-to-recover oil via cancelling auction payments and granting licences based on requests, according to Sergei Donskoy, the Minister of Natural Resources, Kommersant reports. The only requirement within the licence would be to start operating on schedule. Under current ...

  • 17
    APR15
    RUB: flat in spite of higher oil

    Yesterday, trading activity on the FX market increased, with MICEX reporting USD 4.5bn of USDRUB turnover. During Moscow trading hours, RUB was a bit volatile and paid little attention to the continuing recovery in crude prices. However, late in the evening RUB gained a stronger footing, moving sharply to 49.65 from the 50.10 seen mid-day. Hence, RUB closed at 49.81 (-0.2%), and Brent jumped 3.3% to USD 62.2/bbl. The EM market closed in the black, with the EM FX index up 0.5% against USD. ZAR outperformed...

  • 16
    APR15
    Oil companies – FAS might initiate investigation into recent kerosene price hike – neutral

    The Federal Anti-Monopoly Service (FAS) might initiate an investigation into the recent kerosene price increase, according to Igor Artemiev, the Head of the regulator, Vedomosti reports. The tax manoeuvre has set the export duty for kerosene at 48% of oil export duty in 2015, from 65% in 2014. As a result of the change in both the policy and the macro environment, the kerosene domestic market premium has decreased from USD 54/t in 4Q14 to USD -96/t in 1Q15, for the central region, we calculate. As ...

  • 16
    APR15
    RUB: encouraged by oil

    Yesterday, RUB enjoyed another strong session. At the opening, USDRUB dipped 1.0% to 50.50, consolidating at this level until the evening. However, rising oil prices spurred further RUB strengthening, pulling USDRUB below 50.00. As a result, RUB gained 2.5% on the day, closing at 49.73, its highest since December. Meanwhile, Brent climbed 4.5% to USD 60.2/bbl. Despite the start of the tax period, trading ...

  • 15
    APR15
    Russian Oil & Gas – wholesale kerosene prices hiked 26% for the last two months on SPIMEX

    ... to the Federal Antimonopoly Service (FAS) to investigate the recent kerosene price hike at airports. According to the paper, fuel prices at some airports rose 10-15% for the last month. The tax manoeuvre has set the export duty for kerosene at 48% of oil export duty in 2015, from 65% in 2014. As a result of the change in both the policy and the macro environment, the kerosene domestic market premium has decreased from USD 54/t in 4Q14 to USD -96/t in 1Q15, for the central region, we calculate. As ...

  • 15
    APR15
    Oil companies might gain access to offshore oil deposits

    Oil companies might get access to offshore oil deposits if they are Russian owned, experienced in offshore development and have sufficient financial resources to fund the project, according to Denis Khramov, Deputy Minister of Natural Resources, Vedomosti ...

  • 16
    MAR15
    RUB: oil correction shapes price action

    ... Meanwhile, NOK declined 1.3% and the EM FX index fell around 1.1-1.6% with TRY closing down 2.1%, BRL lost 2.6% and ZAR was 1.5% in the red. In our view, investor focus on the Russian exchange market is set to switch more to the performance of the crude oil market, as Brent's price dipped below USD 55/bbl. On the other hand, we are entering the tax period with the heaviest payments (VAT, MET) due next week. Subsequently, the increased export selling flow could provide a certain support for the RUB.

  • 13
    MAR15
    RUB: trailing oil

    Yesterday’s session in the Russian FX market was fairly volatile, amid relatively modest trading flow: MICEX reported only USD 3.3bn in USDRUB turnover. In the morning, RUB continued appreciating, fuelled in particular by the further recovery in the crude oil market. Hence, by midday USDRUB had slipped to 60.40, which proved to be a turning point as crude pared earlier gains. By the end of the day, Brent declined 1.5% to settle at USD 56.3/bbl. Subsequently, USDRUB surged to 61.28, yet RUB still firmed ...

  • 12
    MAR15
    Oils – idea of tax experiment in oil industry receives preliminary approval

    Arkady Dvorkovich, the Deputy Prime Minister, has approved the idea of a tax on financial results for oil companies, Vedomosti reports. The list of 12 pilot projects that will participate in the experiment is to be selected from 35 submitted by oil companies, the newspaper reports. The possible criteria are small fields with low debits and no tax relief....

  • 11
    MAR15
    RUB: in the tail of oil’s sharp correction

    Yesterday, Brent remained under pressure: at the end of the day, it slipped 3.7% to USD 56.0/bbl, while in March so far crude is down 9.5%. In general, global risk sentiment has soured: for major equity markets, it was a defensive day reflecting a combination of factors ranging from the apparent stalemate in the Greek debt talks, fresh data highlighting persistent Chinese PPI deflation and pressure on US bank stocks ahead of today’s publication by the Fed of the second round of its stress tests....

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