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Government to Gradually Narrow Oil Discount to Boost Revenues

RUSSIA
  • Russia is seeking to gradually narrow the discount on its key export crude to the Brent benchmark as the government tries to boost revenue amid sanctions, Bloomberg reported Sunday afternoon. The government has proposed to limit the discount on Urals to Brent at $34 a barrel in April, $31 in May and $28 in June to calculate mineral extraction tax and profit-based tax. “Such a transition period of applying discounts to Brent price will allow oil companies to adapt” to the new mechanism to calculate taxes based on Urals quotations, the finance ministry said.
  • Russia's 2023 GDP dynamics might prove to be better than the existing official forecast of the Ministry of Economic Development, minister Reshetnikov said as cited by Interfax. Under the ministry's forecast, updated in September 2022, Russia's GDP would drop by 0.8% this year.
  • China and India have increased imports of high-sulfur straight run fuel oil (HSFO) from Russia in recent months, and inflows are set to rise after the EU ban on petroleum products, Bloomberg report citing industry consultant FGE. Russian HSFO could see increased demand as a refinery feedstock due to its steep discount to crude, FGE said.
  • There are no major economic releases or speakers on the docket today.
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