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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.
ENERGY SECURITY
The Wall Street Journal has reported that Russian state energy firm Rosneft is "close to striking long-term deals to sell substantial supplies of oil," which, according to the Journal is a sign Russia's war effort will continue to underpinned by energy sales.
- The Journal reports that, "the prospective buyers are trading firms competing to send the oil to end users in Russia’s biggest export markets, such as China, India and Turkey."
- People close to discussions said they couldn't put a precise volume on the sale but the tender is likely to be among Rosreft's biggest in recent years and there was "ample bidding demand."
- The news may counter recent statements from the US Treasury Department claiming the US-led price cap on Russian oil has achieved its goals of reducing Russian revenue while maintaining stability in markets.LINK
- A graphic presented by the Journal shows that the discount on Urals crude to Brent has closed significantly during 2023 to USD$23 a barrel. At the start of the year the discount was around USD£40 p/b.
Figure 1: Price Difference Between Urals and Brent Crude
Source: Wall Street Journal
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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