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RUSSIA: Oil Companies Increase Refining Volumes in August

RUSSIA
  • Kommersant report that Russian oil companies are increasing oil refining volumes in August and if current rates are maintained, the month-end figure may become a record for the current year. The average daily refining level reached about 760,000 tons, which is 2% higher than in July, largely thanks to the recovery of production at Gazprom refineries.
  • Vedomosti run a piece in which they note that the growing gap between the yuan's exchange rates on the domestic and foreign market raises the question of whether the CBR should set the Chinese currency's exchange rate based on over-the-counter transactions, like it does with the dollar and euro. The newspaper add that the spread between the yuan's cross rate against the dollar in Russia and the yuan's rate against the dollar on the foreign market reached almost 3% on Friday, which is unusually high.
  • President Vladimir Putin continues his 2-day visit to Azerbaijan today. The Bank of Russia will publish inflation expectation data. PPI data for July crosses on Wednesday and is the key release of the week.
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