Russia's Novak Says Russia Has Sufficient Stocks Of Oil Products, ~1.9M Tonnes Of Petrol And 3M Tonnes Of Diesel; Russia To Increase Gasoline Production By Around 4M T, Diesel Production By Around 30M T In Coming Years
Portfolio Pulse from Benzinga Newsdesk
Russia plans to increase its gasoline production by around 4 million tonnes and diesel production by around 30 million tonnes in the coming years, according to Russian official Novak. The country currently holds sufficient stocks of oil products, with approximately 1.9 million tonnes of petrol and 3 million tonnes of diesel.
September 27, 2024 | 5:43 pm
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NEGATIVE IMPACT
The increase in Russian gasoline and diesel production could impact global oil supply, potentially affecting the United States Oil Fund (USO) by influencing oil prices.
An increase in Russian oil product output could lead to a higher global supply, potentially putting downward pressure on oil prices. This may negatively impact USO, which tracks the price of oil.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Russia's increased production of gasoline and diesel may affect European markets, potentially impacting the Vanguard FTSE Europe ETF (VGK) due to changes in energy sector dynamics.
As Russia increases its oil product output, European energy markets may experience shifts in supply and pricing, which could affect VGK, an ETF with exposure to European stocks.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50