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CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

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MNI JAPAN JULY TOKYO CORE CPI +2.2% Y/Y; JUNE +2.1%

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Sanctions Look Set to Hit Russia's Zarubezhneft's Crude Production

OIL

Russia’s Zarubezhneft is looking at options to cut domestic crude production because of sanctions according to the company's CEO, Sergei Kudryashov.

  • "We are taking December 5 seriously, very seriously. Several options for the development of events are ready for the worst options. We have calculated that we do not have domestic refining in Russia, and we do not have access to the Eastern Siberia-Pacific Ocean (ESPO) pipeline, as other companies do have; therefore, we are looking at a 100% shutdown for our Russian assets. We understand what needs to be done later in order to restart even within two weeks.” he said.
  • "We are working on these scenarios, and we are ready. If anyone thinks that Russia would not be able to limit production in winter and would sell at any price, then it is probably better to give up this idea," he added.
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