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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
The Russian government will cut the export levy on crude its producers pay for the first time since July to $24.7/t in December, down by 5.7% from November levels, due to a pullback in oil prices, the Finance Ministry said.
- Urals crude was last week assessed as low as $66.19/bbl at the Baltic port of Primorsk, according to Argus Media. That’s the lowest since July 25.
- The average Urals price was $79.23/bbl between 15 October and 14 November, the Finance Ministry said.
- The pullback in global prices has pushed the value of some Russian supplies back down closer to $60 a barrel, the price cap that was introduced by Group-of-Seven countries to limit petrodollar inflows into Russia.
- Russia confirmed earlier this month that it is committed to reduce crude and oil products exports by 300kbpd for the rest of the year.
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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