'Russia Considers Extra Gas Tax To Finance Subsidies For Oil Refiners; Government Hasn't Made A Final Decision On MET Tax Hike; Officials Recently Announced Return Of Full Refiner Subsidies' - Bloomberg News
Portfolio Pulse from Benzinga Newsdesk
Russian authorities are considering raising the gas-production tax, also known as the MET, to finance a return to full subsidies for oil refiners. The move is aimed at supporting the domestic fuel market without straining the country's budget.
October 20, 2023 | 5:06 pm
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NEUTRAL IMPACT
The potential increase in Russia's gas-production tax could indirectly affect the SPY ETF, which includes energy sector companies that could be impacted by changes in global energy markets.
While the SPY ETF is not directly linked to Russia's gas-production tax, it does include companies in the energy sector. Changes in global energy markets, such as an increase in gas-production tax in Russia, could indirectly affect these companies and, by extension, the ETF.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The United States Oil Fund (USO) could be impacted by Russia's potential increase in gas-production tax, as it could affect global oil prices and market dynamics.
The United States Oil Fund (USO) tracks the price of West Texas Intermediate light, sweet crude oil. Changes in global oil market dynamics, such as Russia's potential increase in gas-production tax, could affect oil prices and, consequently, the performance of USO.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70