DOCSLIB.ORG

Securities Market Newsletter

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Securities Market Newsletter SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody April 22, 2021 Issue No. 2021/15 Market News Central bank places RUB 4.98 bln coupon bonds out of RUB 23.6 bln On April 20, 2021 it was reported that Russia’s central bank had sold RUB 4.975 bln out of RUB 23.601 bln coupon bonds during the day. The cut-off and the weighted average prices amounted to 100% of a face value each. Demand totaled RUB 5.017 bln. The settlement date was April 21. Finance Ministry fully places RUB 20 bln OFZ bonds On April 21, 2021 it was stated that Russia’s Finance Ministry had fully placed during the day RUB 20 bln of OFZ 26236 government bonds with a fixed coupon maturing in May 2028. The cut-off price and the weighted average price amounted to 93.11% of a face value. The cut-off yield and the weighted average yield stood at 7.07%. Demand for the bonds totaled RUB 83.7 bln. Company News MTS raises stake to 100% in 6 local fixed-line operators On April 15, 2021 it was stated that Major Russian mobile operator MTS had exercised a call option with provider of broadband and digital TV services Zelenaya Tochka Group to buy out the remaining 49% of the group’s capital in six local fixed-line network operators. Altogether, this deal will provide opportunities to more than one million Russian households to expand access to advanced solutions from across the MTS digital ecosystem. In February 2020, MTS acquired a 51% stake in Zelenaya Tochka Group – comprised of 13 local fixed-line Internet providers – via an agreement that included a provision for a three-year call option on the remaining share capital. ER-Telecom sets RUB 5 bln bond coupon final guide at 8.4% On April 15, 2021 it was reported that Russian Internet and pay TV provider ER-Telecom Holding had set the final guidance for the coupon rate for RUB 5 bln 3-year exchange bonds at 8.4% annually. The coupon guidance was first set at 8.7–8.9% annually, which corresponded to a yield to maturity of 8.99–9.20% annually. During the book building, it was reduced to 8.4–8.5% with a yield of 8.67–8.78%. The technical placement is scheduled for April 19. Otkritie Bank, Raiffeisenbank, and VTB Capital are organizers of the placement. ER-Telecom raises 3-year bond offer to RUB 7 bln On April 15, 2021 it was reported that Russian Internet and pay TV provider ER-Telecom Holding had increased the volume of its 3-year exchange bonds to RUB 7 bln from RUB 5 bln. The company set the final guidance for the coupon rate at 8.4% annually with a yield to maturity of 8.67% annually. The technical placement took place on April 19. Otkritie Bank, Raiffeisenbank, Gazprombank and VTB Capital are organizers of the placement. VTB to continue buying OFZ government bonds On April 16, 2021 CEO of Russia’s second biggest lender VTB Andrei Kostin told Rossiya 24 television channel that VTB plans to continue buying OFZ government bonds, but there are circumstances that may affect the size of new investments. The volume of the OFZ portfolio at VTB currently stands at RUB 1.7 trln. 1 Setl Group increases bond offering to RUB 7.5 bln On April 16, 2021 it was reported that Russian real estate developer Setl Group had increased the offering volume of its 3-year exchange bonds to RUB 7.5 bln from RUB 5 bln. The final guidance for the first coupon rate of the bonds was set at 8.50% annually, which corresponds to a yield to maturity of 8.77% annually. The initial guidance was 8.50–8.85% annually. The issue carries quarterly coupons. The technical placement was scheduled for April 21. Brokerage company Region, VTB Capital, Alfa-Bank, Gazprombank, BCS Global Markets, SKB-Bank, and Sovcombank act as the organizers of the placement. MTS buys back 0.059% of capital via unit under buyback program On April 16, 2021 it was stated that Bastion, a wholly-owned subsidiary of major Russian mobile operator MTS, had acquired 1,097,836 MTS ordinary shares, representing 0.05% of the operator’s capital, and then 190,400 ordinary shares, or 0.009%. MTS’ board of directors approved a RUB 15 bln buyback program in mid-March, to come in force from March 30 throughout 2021. Under the program, MTS will spend a part of the amount on the acquisition of shares from the market with the rest to buy shares from its parent, multi- industry holding Sistema. TMK to buy out ChelPipe from owners for RUB 318 per share On April 16, 2021 it was stated that Russian pipe producer TMK had announced a buyout offer to minority shareholders of Chelyabinsk Pipe Plant (ChelPipe) with a price of RUB 318.26 per share. The offer remains in force through June 25. A total of 41.134 mln shares can be purchased. In mid-March, TMK announced the closure of a deal to buy 86.54% in ChelPipe from its main owner Andrei Komarov. M.Video-Eldorado raises 2-year bond offer to RUB 10 bln On April 20, 2021 it was reported that Russian electronics retailer M.Video–Eldorado had increased the offer of 2-year exchange bonds to RUB 10 bln from at least RUB 5 bln and set the final coupon rate at 7.3% annually, which corresponds to a 7.43% annual yield to maturity. The initial coupon guidance was set at 7.3– 7.55%, it was later cut to 7.25–7.3% annually. Bids for the bonds were collected on April 20. The bonds will carry semiannual coupons. Alfa-Bank, VTB Capital, Gazprombank, Credit Bank of Moscow, Russian Agricultural Bank, Sberbank CIB, and Sovcombank are the organizers. Tatneft not to swap preferred shares for ordinary stock On April 20, 2021 assistant to the general director for corporate finance of Russian oil company Tatneft Vasily Mozgovoi said in an online conference that the company was not considering exchanging the preferred shares for ordinary stock. He mentioned that they had been considering this possibility previously, but it had some prerequisites connected to the fact that there was a significant discount in the preferred shares as compared with the ordinary stock. He said the discount is almost non-existent now, this is why the company was not considering the exchange. The republic of Tatarstan’s state holding Svyazinvestneftekhim owns 27.23% in Tatneft, The Bank of New York Mellon has 22.85%, and the government of Tatarstan owns the golden share. 25% of Otkritie FC Bank to be sold at first privatization stage On April 20, 2021 CEO of Russia’s Otkritie Financial Corporation (FC) Bank Mikhail Zadornov told reporters that 20–25% stake in the bank may be sold during the first stage of privatization, the exact stake will be defined until May 2022. The central bank acquired 99.99% in Otkritie FC Bank after a bailout, and initially planned to sell the bank at the end of 2021, but delayed it due to the coronavirus pandemic. In December 2020 Zadornov said that privatization should happen in mid-2022. Rostelecom doesn’t plan to convert preferred shares into ordinary On April 20, 2021 President of Russian state-controlled telecom operator Rostelecom Mikhail Oseyevsky said on the Investor Day that the company doesn’t plan to convert preferred shares into ordinary ones as there is no necessity in the move. He mentioned that preferred shares are popular among investors, and the gap in the yield is quite appealing. Oseyevsky also said the government does not plan to make the company private. MOEX registers Mail.ru Finance bond program of up to RUB 100 bln On April 20, 2021 it was stated that the Moscow Exchange had registered an indefinite program of exchange bonds of up to RUB 100 bln by Mail.ru Finance, a subsidiary of Internet company Mail.ru Group. The bonds mature in almost 15 years, or 5,460 days from the placement of bonds of a special issue under the program. 2 Gazprom board approves raising stake in Gazpromviet to 81.3% On April 20, 2021 it was reported that the board of directors of gas giant Gazprom had approved raising the stake in Russian–Vietnamese joint venture Gazpromviet to 81.3% from 79.6%. The value of Gazprom’s stake of 81.318% will amount to around RUB 2.538 bln. Dividends Evraz board approves paying USD 291.7 mln in interim dividends On April 15, 2021 it was stated that the board of directors of U.K.-based mining giant Evraz, which operates mainly in Russia, had approved paying USD 0.2 per share, or a total of USD 291.7 mln, in interim dividends. The record date was set at May 28, while the dividend payment is expected on June 25. Severstal can pay RUB 46.77 per share in dividends for January–March On April 16, 2021 the board of directors of Russian steelmaker Severstal had recommended paying RUB 46.77 per share in dividends for January–March. The shareholders will decide on the matter at a meeting on May 21. The shareholder register for participation in the meeting will be closed on April 26. Severstal paid RUB 27.35 per share in dividends for January–March 2020. In 2020, the company also paid RUB 15.44 per share, or a total of RUB 12.93 bln for April–June and RUB 37.34 per share, or a total of RUB 31.28 bln for July–September.
Load more

Recommended publications
  • FY2020 Financial Results
    Norilsk Nickel 2020 Financial Results Presentation February 2021 Disclaimer The information contained herein has been prepared using information available to PJSC MMC Norilsk Nickel (“Norilsk Nickel” or “Nornickel” or “NN”) at the time of preparation of the presentation. External or other factors may have impacted on the business of Norilsk Nickel and the content of this presentation, since its preparation. In addition all relevant information about Norilsk Nickel may not be included in this presentation. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or reliability of the information. Any forward looking information herein has been prepared on the basis of a number of assumptions which may prove to be incorrect. Forward looking statements, by the nature, involve risk and uncertainty and Norilsk Nickel cautions that actual results may differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Report for a description of major risk factors. There may be other factors, both known and unknown to Norilsk Nickel, which may have an impact on its performance. This presentation should not be relied upon as a recommendation or forecast by Norilsk Nickel. Norilsk Nickel does not undertake an obligation to release any revision to the statements contained in this presentation. The information contained in this presentation shall not be deemed to be any form of commitment on the part of Norilsk Nickel in relation to any matters contained, or referred to, in this presentation. Norilsk Nickel expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the contents of this presentation.
    [Show full text]
  • Information on IRC – R.O.S.T., the Registrar of the Company and the Acting Ballot Committee of MMC Norilsk Nickel
    Information on IRC – R.O.S.T., the registrar of the Company and the acting Ballot Committee of MMC Norilsk Nickel IRC – R.O.S.T. (former R.O.S.T. Registrar merged with Independent Registrar Company in February 2019) was established in 1996. In 2003–2015, Independent Registrar Company was a member of Computershare Group, a global leader in registrar and transfer agency services. In July 2015, IRC changed its ownership to pass into the control of a group of independent Russian investors. In December 2016, R.O.S.T. Registrar and Independent Registrar Company, both owned by the same group of independent investors, formed IRC – R.O.S.T. Group of Companies. In 2018, Saint Petersburg Central Registrar joined the Group. In February 2019, Independent Registrar Company merged with IRC – R.O.S.T. Ultimate beneficiaries of IRC – R.O.S.T. Group are individuals with a strong background in business management and stock markets. No beneficiary holds a blocking stake in the Group. In accordance with indefinite License No. 045-13976-000001, IRC – R.O.S.T. keeps records of holders of registered securities. Services offered by IRC – R.O.S.T. to its clients include: › Records of shareholders, interestholders, bondholders, holders of mortgage participation certificates, lenders, and joint property owners › Meetings of shareholders, joint owners, lenders, company members, etc. › Electronic voting › Postal and electronic mailing › Corporate consulting › Buyback of securities, including payments for securities repurchased › Proxy solicitation › Call centre services › Depositary and brokerage, including escrow agent services IRC – R.O.S.T. Group invests a lot in development of proprietary high-tech solutions, e.g.
    [Show full text]
  • Notes on Moscow Exchange Index Review
    Notes on Moscow Exchange index review Moscow Exchange approves the updated list of index components and free float ratios effective from 16 March 2018. X5 Retail Group N.V. (DRs) will be added to Moscow Exchange indices with the expected weight of 1.13 per cent. As these securities were offered initially, they were added without being in the waiting list under consideration. Thus, from 16 March the indices will comprise 46 (component stocks. The MOEX Russia and RTS Index moved to a floating number of component stocks in December 2017. En+ Group plc (DRs) will be in the waiting list to be added to Moscow Exchange indices, as their liquidity rose notably over recent three months. NCSP Group (ords) with low liquidity, ROSSETI (ords) and RosAgro PLC with their weights now below the minimum permissible level (0.2 per cent) will be under consideration to be excluded from the MOEX Russia Index and RTS Index. The Blue Chip Index constituents remain unaltered. X5 Retail Group (DRs), GAZ (ords), Obuvrus LLC (ords) and TNS energo (ords) will be added to the Broad Market Index, while Common of DIXY Group and Uralkali will be removed due to delisting expected. TransContainer (ords), as its free float sank below the minimum threshold of 5 per cent, and Southern Urals Nickel Plant (ords), as its liquidity ratio declined, will be also excluded. LSR Group (ords) will be incuded into SMID Index, while SOLLERS and DIXY Group (ords) will be excluded due to low liquidity ratio. X5 Retail Group (DRs) and Obuvrus LLC (ords) will be added to the Consumer & Retail Index, while DIXY Group (ords) will be removed from the Index.
    [Show full text]
  • Russia Severstal Press Release ENG
    PRESS RELEASE Paris, June 3, 2021 Air Liquide and Severstal extend their partnership with a new long-term contract in major oxygen site in continental Europe Air Liquide and PAO Severstal, one of the leading steel producers, have signed a new long-term contract for the supply of oxygen to the Severstal CherMK site in Russia. Air Liquide will invest around 60 million euros in the construction of a state-of-the-art Air Separation Unit (ASU) on the site, one of the largest oxygen sites in continental Europe, where it already owns three other ASUs. Thanks to enhanced energy efficiency, this new unit will improve the overall environmental footprint. Air Liquide will design and build a new state-of-the-art ASU on the Severstal CherMK site in Cherepovets, one of the most competitive steel making sites worldwide. The new unit will produce 1,000 tons of oxygen per day. This is the fourth ASU installed by Air Liquide in Cherepovets. Planned to be started up by the end of 2023, the unit will be owned and operated by Air Liquide Severstal, a joint venture established in 2005 between Air Liquide (75%) and Severstal (25%). It will bring the total production capacity on this site, one of the largest sites for Oxygen production in continental Europe, at above 8,000 tonnes of oxygen per day. This new ASU is characterized by improved energy efficiency. In the framework of the agreement the two companies have also committed to further reduce the CO2 emissions arising from the oxygen production, in line with Air Liquide’s commitments to address the urgency of climate change and to act for a sustainable future.
    [Show full text]
  • Annual Report
    2014 ANNUAL REPORT TABLE OF CONTENTS Sistema today 2 Corporate governance system 91 History timeline 4 Corporate governance principles 92 Company structure 8 General Meeting of shareholders 94 President’s speech 10 Board of Directors 96 Strategic Review 11 Commitees of the Board of Directors 99 Strategy 12 President and the Management Board 101 Sistema’s financial results 20 Internal control and audit 103 Shareholder capital and securities 24 Development of the corporate 104 governance system in 2014 Our investments 27 Remuneration 105 MTS 28 Risks 106 Detsky Mir 34 Sustainable development 113 Medsi Group 38 Responsible investor 114 Lesinvest Group (Segezha) 44 Social investment 115 Bashkirian Power Grid Company 52 Education, science, innovation 115 RTI 56 Culture 117 SG-trans 60 Environment 119 MTS Bank 64 Society 121 RZ Agro Holding 68 Appendices 124 Targin 72 Binnopharm 76 Real estate 80 Sistema Shyam TeleServices 84 Sistema Mass Media 88 1 SISTEMA TODAY Established in 1993, today Sistema including telecommunications, companies. Sistema’s competencies is a large private investor operating utilities, retail, high tech, pulp and focus on improvement of the in the real sector of the Russian paper, pharmaceuticals, healthcare, operational efficiency of acquired economy. Sistema’s investment railway transportation, agriculture, assets through restructuring and portfolio comprises stakes in finance, mass media, tourism, attracting industry partners to predominantly Russian companies etc. Sistema is the controlling enhance expertise and reduce
    [Show full text]
  • Tatneft Group IFRS CONSOLIDATED INTERIM CONDENSED
    Tatneft Group IFRS CONSOLIDATED INTERIM CONDENSED FINANCIAL STATEMENTS (UNAUDITED) AS OF AND FOR THE THREE AND SIX MONTHS ENDED 30 JUNE 2019 Contents Report on Review of Consolidated Interim Condensed Financial Statements Consolidated Interim Condensed Financial Statements Consolidated Interim Condensed Statement of Financial Position (unaudited) ........................................ 1 Consolidated Interim Condensed Statement of Profit or Loss and Other Comprehensive Income (unaudited) ..................................................................................................................................... 2 Consolidated Interim Condensed Statement of Changes in Equity (unaudited) ........................................ 4 Consolidated Interim Condensed Statement of Cash Flows (unaudited) .................................................. 5 Notes to the Consolidated Interim Condensed Financial Statements (unaudited) Note 1: Organisation ................................................................................................................................. 7 Note 2: Basis of preparation ...................................................................................................................... 7 Note 3: Adoption of new or revised standards and interpretations .......................................................... 10 Note 4: Cash and cash equivalents .......................................................................................................... 12 Note 5: Accounts receivable ...................................................................................................................
    [Show full text]
  • An Overview of Boards of Directors at Russia's Largest Public Companies
    An Overview Of Boards Of Directors At Russia’s Largest Public Companies Andrei Rakitin Milena Barsukova Arina Mazunova Translated from Russian August 2020 Key Results According to information disclosed by 109 of Russia’s largest public companies: “Classic” board compositions of 11, nine, and seven seats prevail The total number of persons on Boards of the companies under study is not as low as it might seem: 89% of all Directors were elected to only one such Board Female Directors account for 12% and are more often elected to the audit, nomination, and remuneration committees than to the strategy committee Among Directors, there are more “humanitarians” than “techies,” while the share of “techies” among chairs is greater than across the whole sample The average age for Directors is 53, 56 for Chairmen, and 58 for Independent Directors Generation X is the most visible on Boards, and Generation Y Directors will likely quickly increase their presence if the impetuous development of digital technologies continues The share of Independent Directors barely reaches 30%, and there is an obvious lack of independence on key committees such as audit Senior Independent Directors were elected at 17% of the companies, while 89% of Chairs are not independent The average total remuneration paid to the Board of Directors is RUR 69 million, with the difference between the maximum and minimum being 18 times Twenty-four percent of the companies disclosed information on individual payments made to their Directors. According to this, the average total remuneration is approximately RUR 9 million per annum for a Director, RUR 17 million for a Chair, and RUR 11 million for an Independent Director The comparison of 2020 findings with results of a similar study published in 2012 paints an interesting dynamic picture.
    [Show full text]
  • Russian Withholding Tax Refund
    Russian withholding tax refund Tax & Legal If you or your clients invested in Russian securities and are entitled to a substantial dividend or interest income, there is a chance that you overpaid your taxes and may qualify for a tax refund © 2018 Deloitte Consulting LLC Background Investors may apply a According to the The Russian The tax refund reduced tax rate for Russian tax withholding tax rate is practice in Russia is their interest and/or authorities, they are set at 15% on not well-developed: dividend income, ready to reimburse dividends and 20 the tax legislation depending on the overpaid taxes, if a percent on interest. does not provide for a conditions set by the full package of Effective from 1 specific list of Russian Tax Code or documents confirming January 2014, the documents to be applicable Double Tax the income payment duties of the tax collected and Treaties. Calculations chain and the agent for WHT requirements to be of a standard Russian investor’s rights to purposes were met. For these rate or the standard the income is transferred to the reasons, the process reduced Double Tax submitted. local Russian can be lengthy and Treaty rate, as well as custodian or, in a sometimes fruitless. submission of claims limited number of However, the trend is on tax can be cases, to the reassuring: the refunded, should be fiduciary, broker or number of successful made by investors issuer. refund claims and themselves within positive court three calendar years, decisions is growing. following the year in which it was withheld.
    [Show full text]
  • Annual Report of the Tatneft Company
    LOOKING INTO THE FUTURE ANNUAL REPORT OF THE TATNEFT COMPANY ABOUT OPERATIONS CORPORATE FINANCIAL SOCIAL INDUSTRIAL SAFETY & PJSC TATNEFT, ANNUAL REPORT 2015 THE COMPANY MANAGEMENT RESULTS RESPONSIBILITY ENVIRONMENTAL POLICY CONTENTS ABOUT THE COMPANY 01 Joint Address to Shareholders, Investors and Partners .......................................................................................................... 02 The Company’s Mission ....................................................................................................................................................... 04 Equity Holding Structure of PJSC TATNEFT ........................................................................................................................... 06 Development and Continuity of the Company’s Strategic Initiatives.......................................................................................... 09 Business Model ................................................................................................................................................................... 10 Finanical Position and Strengthening the Assets Structure ...................................................................................................... 12 Major Industrial Factors Affecting the Company’s Activity in 2015 ............................................................................................ 18 Model of Sustainable Development of the Company ..............................................................................................................
    [Show full text]
  • Convertible Bonds for Companies Investment Process
    Academy of Strategic Management Journal Volume 18, Issue 6, 2019 CONVERTIBLE BONDS FOR COMPANIES INVESTMENT PROCESS Oksana A. Karpenko, Peoples Friendship University of Russia Tatiana K. Blokhina, Peoples Friendship University of Russia ABSTRACT The comparison of strategy of companies- issuers of convertible bonds is carried out in the article. As indicators of the strategy the following indicators are taken: Total Asset Turnover (TAT); Return on Assets (ROA); CAPEX/Total Assets; Tobin’s Q (Q Ratio); Issue Size/Total Assets; and Issue Size/Tangible Assets. The results show poor financial performance of the companies-issuers. Convertibles are likely to be commonly used in an investment process by the companies in order to improve the financial performance. There is evidence that Russian enterprises use convertible bonds for investment purposes. The companies may exercise new investment options to improve poor financial performance. At the same time, convertible bonds are used by the companies with low investment opportunities for financing investment projects, attraction of cheap funding and also for refinancing of the previous emissions of bonds. Keywords: Debt Financing, Investment Process, Convertible Bonds. JEL: G15, G23, G31 INTRODUCTION Nowadays there is a growth of interest from potential investors and issuers for convertible bonds. This type of securities allows to reduce risks of high volatility in the stock markets, and to get potentially considerable advantages of value growth of the company- issuer. The convertible bond is a bond with a coupon, smaller in comparison with the usual bond, but it grants to the holder the right to convert it into shares or depository receipts. Convertible bonds as well as “classical” bonds can be in listing at the exchange.
    [Show full text]
  • Russia Intelligence
    N°70 - January 31 2008 Published every two weeks / International Edition CONTENTS SPOTLIGHT P. 1-3 Politics & Government c Medvedev’s Last Battle Before Kremlin Debut SPOTLIGHT c Medvedev’s Last Battle The arrest of Semyon Mogilevich in Moscow on Jan. 23 is a considerable development on Russia’s cur- Before Kremlin Debut rent political landscape. His profile is altogether singular: linked to a crime gang known as “solntsevo” and PRESIDENTIAL ELECTIONS sought in the United States for money-laundering and fraud, Mogilevich lived an apparently peaceful exis- c Final Stretch for tence in Moscow in the renowned Rublyovka road residential neighborhood in which government figures « Operation Succession » and businessmen rub shoulders. In truth, however, he was involved in at least two types of business. One c Kirillov, Shestakov, was the sale of perfume and cosmetic goods through the firm Arbat Prestige, whose manager and leading Potekhin: the New St. “official” shareholder is Vladimir Nekrasov who was arrested at the same time as Mogilevich as the two left Petersburg Crew in Moscow a restaurant at which they had lunched. The charge that led to their incarceration was evading taxes worth DIPLOMACY around 1.5 million euros and involving companies linked to Arbat Prestige. c Balkans : Putin’s Gets His Revenge The other business to which Mogilevich’s name has been linked since at least 2003 concerns trading in P. 4-7 Business & Networks gas. As Russia Intelligence regularly reported in previous issues, Mogilevich was reportedly the driving force behind the creation of two commercial entities that played a leading role in gas relations between Russia, BEHIND THE SCENE Turkmenistan and Ukraine: EuralTransGaz first and then RosUkrEnergo later.
    [Show full text]
  • Russia's Oil&Gas Development and Exports Trends Oil Industry Gas
    Eleventh Japan–Russia Energy and Environment Dialogue in Niigata R1-GROMOV Russia’s Oil&Gas Development and Exports Trends Alexey GROMOV, PhD, Principal Director on Energy Studies Institute for Energy and Finance The Eleventh Japan-Russia Energy and Environment Dialogue (JREED) Niigata, Japan 30th January 2019 1 Oil Industry Global oil market context Russian oil production and export trends up to 2023 2 Gas Industry EU Gas market trends Russian gas production and export trends up to 2023 1 ©ERINA Eleventh Japan–Russia Energy and Environment Dialogue in Niigata R1-GROMOV OPEC+ Agreement has a crucial role to stabilize the global oil market 90 $/bbl Brent WTI 80 70 60 OPEC+ Agreement Update 50 (June 2018) OPEC+ Agreement 40 Update (December 2018) OPEC+ OECD commercial Agreement stocks reduction 30 Decrease (December during 2015 2016) 20 01/15 03/15 05/15 07/15 09/15 11/15 01/16 03/16 05/16 07/16 09/16 11/16 01/17 03/17 05/17 07/17 09/17 11/17 01/18 03/18 05/18 07/18 09/18 11/18 • OPEC+ Agreement (December 2016) to cut collective oil production of 1,8 MMb/d supported global oil prices and reduced price volatility in 1Q2017- 1Q2018. • The threat of US sanctions against Iranian oil exports led to OPEC+ Agreement Update in June 2018 (increase collective oil production of 1 MMb/d). • New OPEC+ Agreement Update (December 2018) to cut collective oil production of 1,2 MMb/d has to reduce the oil market volatility in 2019 2 OPEC+ Agreement Update in December 2018 lead to gradually balancing the global oil market in 2019 Changes in global liquid fuels market balance Mbd 2.0 1.6 1.2 -0,4 -0,4 0.8 -0,8 0,75 0.4 0,7 +0,2 +0,2 +0,4 0,4 0,35 +0,4 -0,1 0,1 0.0 -0,2 +0,3 +1,2 -0,1 +0,3 -0,5 +0,3 -0.4 +0,2 -0,0 +0,2 Доп.
    [Show full text]