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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.
OIL
Russian oil rigs drilled the most in over a decade at more than 28k km last year according to Bloomberg. The wells started rose nearly 7% to above 7,800 to help oil production rebound in H2 2022 despite western sanctions.
- Western majors and some of the major international service providers have withdrawn from Russia, but some western oil-service providers remain. SLB and Weatherford International Plc continue Russian operations although with some limitations.
- Halliburton and Baker Hughes sold off their Russia businesses to the local management allowing the units to retain personnel and expertise according to Kpler.
- Russia has been able to obtain western high-tech equipment through friendly intermediaries or finding alternatives from China according to BST.
- Refinery processing rates were up 2% in 1-8 Feb at about 5.8mbpd and spare inventory capacity has recovered from 20mbbls last year to above 25mbbls according to Bloomberg.
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.
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