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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.
REFINING
Russia’s subsidy payments to oil refiners in August rose to the highest level since July 2022 to 185.9 billion rubles ($1.9 billion) amid a weaker ruble and higher fuel prices, the Finance Ministry said, just before the country plans to halve subsidies from September.
- From September, Russia is set to halve the multibillion-dollar monthly payments.
- The ruble’s plunge last month, as well as a jump in the export prices of gasoline and diesel, have contributed to the increase in payouts in August. While domestic prices of the fuels at the commodity exchange also increased, they remained below a key threshold, which legally binds the government to pay the subsidy.
- Russian refined product flows fell to 2.3mbpd on 1-26 August, down by 0.25mbpd on the month, Vortexa data showed.
- The decline in exports is a result of a drop in oil processing rates as refiners prepare for planned maintenance, while the Russian government recommended oil producers to redirect gasoline and diesel from exports to the domestic market aid local supplies.
- At the same time, several Russian refined fuels have breached price caps imposed by the G7, complicating traders’ access to shipping services and insurance.
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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