Sechin allowed the refusal of futures deals with oil
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The head of Rosneft, Igor Sechin, said that the price of Russian oil cannot be formed in Europe. According to him, the cost of the Russian resource should be based on real deliveries. Because of this, the head of the state-owned company allowed the refusal of futures transactions.
“If Russian oil does not enter the European market, then there is no reference price. Reference prices will be formed where the volumes actually go. At the first stage, apparently, we will have to abandon futures transactions, I mean settlement futures, in order to adjust these market indicators,” Igor Sechin said during a speech at India Energy Week (quoted from TASS). “As it is inscribed in Ecclesiastes: “The crooked cannot become straight, and what is not, cannot be counted,” the head of the state-owned company added.
According to him, there should be no excitement in connection with the discount on Russian oil. The head of Rosneft believes that specialists will be able to resolve this issue.
On December 5 last year, the price ceiling for Russian oil, introduced by the countries of the European Union, the G7 and Australia, came into force. It is set at $60 per barrel. Against the background of restrictions in 2022, Russia redirected its supplies to Asia, including China and India.
By data According to the Helsinki Center for Energy and Clean Air Research, after February 5, when the price ceiling for Russian oil products came into force, the losses of the Russian economy will grow to $280 million a day. As Kommersant reported, the government plans to tie the calculation of oil taxes to the price of Brent. By doing so, the government intends to encourage oil companies to reduce discounts or pay more taxes.
More about the situation – in the material “Kommersant” “Produce, but verify”.
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