... This, by the way, is the minimum discount since the beginning of the year: at the start of the year, the discount was $16, the expert adds. The drop in Russian oil prices poses risks to budget revenues. The IEA has calculated that Russia's oil and petroleum product exports in August were at their lowest level since March 2021, falling by 290,000 barrels per day compared to July, to 7 million barrels per day. Revenue fell by $1.6 billion, down to $15.3 billion. What happened to oil prices? "There ...

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 ...

... and simplifying raw material procurement. In 2023, the company changed its name and is now called Open Oil Market, owned by JSC "Open Oil Market Management Company." Two years ago, at Oil Resource Group, we launched a platform for trading petroleum products—a commodity marketplace called ORG-Market. Today, it is a crucial sales channel for us, with half of our clients placing orders there. Here, we explore the development prospects of commodity marketplaces in Russia based on our own experience....

... gradually fading. But this transition is especially important for commodity markets, because the development of e-commerce here will change practically everything. Lack of Digitization = Lack of Transparency How does the process of buying and selling petroleum products look today for the end B2B consumer in small wholesale (e.g., an agricultural or construction company)? Let me simplify the chain of interactions: Fuel is produced at oil refineries (refineries) and then sold through the St. Petersburg Commodity ...

... diesel, and other fuels is, without exaggeration, a new phenomenon in the traditional market. In August 2020, the company 'ORG-Market' was founded, which is a resident of the Skolkovo Technopark. In just six months of operation, more than 40,000 tons of petroleum products were sold through its platform, org-market.com. We spoke with Sergey Tereshkin, the CEO of the Oil Resource Group, about how the platform was created and how it operates. Everyone is familiar with electronic trading platforms that feature goods ...