Free Trial

Discounts on Russian Urals Should Soon Reverse

RUSSIA
  • Ever-deepening discounts for Russian oil should soon start to reverse, Bloomberg report citing Deputy Prime Minister Novak. “I hope this situation is temporary,” Novak said at a meeting between President Putin and his cabinet of ministers. The nation’s flagship export grade Urals traded as low as $35.46 a barrel earlier this month, according to data provided by Argus Media, far below international prices and just under half what the Kremlin budgeted for this year.
  • The Russian Defence Ministry has confirmed that Chief of the General Staff Valery Gerisamov, the most senior military member in Russia, has been made commander of the combined forces group of Russian troops in Ukraine. Defence Minister Sergei Shoigu stated that the change is intended to increase the effectiveness of managing military operations in Ukraine.
  • Gold and forex reserve data will be published at 1300 GMT/1600 local time. Deputy Prime Minister Novak will participate in a meeting on regional gasification this afternoon.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.