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Oil & Gas Revenues Surging Despite Sanctions Pressure

RUSSIA
  • Bloomberg write that despite a wave of sanctions from the Western world and a number of countries halting or phasing out Russian energy purchases, Russia’s oil & gas revenues will be about $285bln across 2022, according to economy ministry projections. That would mark a 20% rise in revenues from 2021, despite Western action to curtail the Russian economy.
  • Out during US hours yesterday, WSJ reports that some OPEC members are exploring the idea of exempting Russia from participating in oil production deals – which could potentially allow nations including Saudi Arabia and the UAE to produce more. Russian foreign minister Lavrov is to visit Saudi Arabia today.
  • The CDDC (CDS Panel) again delayed their judgement on whether credit default swaps on Russian debt should be triggered if Russia pay the principal on sovereign debt, but fail to pay interest on the bonds during any grace period. The group postponed the announcement from Friday and is to hold further meetings today (scheduled for 1400BST/0900ET) before any announcement.
  • As touted, US President Biden is to provide Ukraine with advanced rocket systems (known as MLRS systems) that will allow the Ukrainian army to better hit Russian targets, according to the New York Times.
  • Data takes focus later today, with retail sales, unemployment rate, industrial production and weekly CPI numbers crossing at 1700BST/1200ET. Earlier this morning, Russian May manufacturing PMI data beat forecast at 50.8 vs. Exp. 48.3.
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