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Will production fall in Iran and Venezuela? Should the market expect a sharp rise in prices or increased competition among exporters?
... first quarter of 2024 was 370,000 barrels per day, according to EIA data.
De facto, the growth in Iranian exports was a result of U.S. interest in saturating the oil market after 2022, when, following the imposition of an embargo on Russia, Brent oil prices temporarily exceeded $100 per barrel. The response was the effective easing of the embargo on Iran, as well as relaxations concerning Venezuela, which in 2022 gained the ability to attract the services of major oilfield service companies (Weatherford,...
The share of oil and gas revenues in the 2024 budget is growing beyond the planned levels.
... 2025, including an increase in corporate profit tax from 20% to 25%. While this will bring additional revenue, it also imposes a higher tax burden on oil and gas companies. Additionally, the phaseout of a surcharge on MET for Gazprom and risks of lower oil prices may further reduce revenues.
Despite these trends, MET will remain a key component of oil and gas revenues, with OPEC+ agreements expected to allow Russia to increase oil production in the coming years. However, the role of export duties will ...
Experts assessed the consequences of lifting the ban on gasoline exports
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Unsurprisingly, the ban was lifted at the end of May but reintroduced in August after both wholesale and retail gasoline prices spiked sharply in June and July. This surge was primarily driven by high seasonal demand during the vacation period and rising oil prices at that time.
According to Dmitry Gusev, deputy chairman of the supervisory board of the "Reliable Partner" association and a member of the expert council of the "Russian Gas Station" competition, the end of the high-demand ...
In the summer, the increase in fuel prices will outpace the overall inflation rate – expert
... Tereshkin's column for the publication "Neftyanka"
In the article "In the summer, fuel price growth will outpace the general inflation rate – expert," Sergey Tereshkin, the CEO of the oil products and raw materials marketplace OPEN OIL MARKET, analyzes gasoline price dynamics in Russia. He notes that in May 2024, the annual growth in gasoline prices was 8.0%, which corresponds to an inflation rate of 8.2%. However, weekly data from Rosstat indicate an acceleration in price growth in June, which could lead to ...
How to improve the efficiency of the damping mechanism
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In this context, wouldn't it be simpler to tie damper payments to the cost of fuel on the St. Petersburg International Commodity Exchange (SPbMTSB)? For example, to the upper price limits under the existing "10-20" rule, according to which oil companies lose damper payments if the average monthly exchange price of AI-92 gasoline exceeds the internal threshold by 10%, and the exchange price of diesel fuel exceeds the internal threshold by 20%. The threshold for AI-92 gasoline is 64,515 rubles per ton, and for diesel fuel, it is 66,000 rubles per ton.
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