俄羅斯考慮效仿墨西哥的石油對沖基金

國際文傳電訊社7月22日援引知情人士的話報道，根據(jù)石油價格，俄羅斯正在考慮是否采取一種類似墨西哥石油對沖的國家石油對沖計劃，以保護(hù)政府收入不受未來油價暴跌的影響。

墨西哥石油對沖，或稱Hacienda對沖，被認(rèn)為是華爾街最大的對沖賭注，也可能是最隱秘的。它為墨西哥和一些大型投資銀行帶來了數(shù)十億美元的收入。

墨西哥每年都會從投資銀行購買看跌期權(quán)，通常會對沖2 -3億桶石油。有了看跌期權(quán)，它有權(quán)利但沒有義務(wù)，以以前確定的價格和時間出售石油。

這樣的對沖可以在油價暴跌的情況下減少損失。今年早些時候，人們認(rèn)為是石油對沖使墨西哥經(jīng)濟(jì)免于崩潰。

俄羅斯經(jīng)濟(jì)和財政部門一位熟悉該文件的消息人士告訴國際文傳電訊社，現(xiàn)在俄羅斯正在考慮進(jìn)行石油對沖，俄羅斯總統(tǒng)普京已指示相關(guān)部委在7月30日前提交一份有關(guān)啟動對沖計劃利弊的報告。

根據(jù)這一想法，俄羅斯主權(quán)財富基金國家財富基金(NWF)將為一個石油對沖基金提供資金。

一位消息人士告訴國際文傳電訊社，俄羅斯國家控股的俄羅斯石油公司(Rosneft)已與政府接觸，提議考慮設(shè)立一個石油對沖基金，但俄羅斯石油公司拒絕向該通訊社置評。

目前，俄羅斯經(jīng)濟(jì)正在遭受油價暴跌的影響，三月份俄羅斯與歐佩克(OPEC)合作伙伴沙特阿拉伯的暫時不和，是油價暴跌造成的。俄羅斯盧布暴跌，石油收入因油價暴跌而縮水。

世界銀行在本月早些時候發(fā)布的最新俄羅斯經(jīng)濟(jì)報告中說，油價暴跌加上疫情引發(fā)的全球經(jīng)濟(jì)衰退，將導(dǎo)致俄羅斯經(jīng)濟(jì)今年收縮6%，為11年來的最大降幅。

趙斌 編譯自 Neftegaz.RU

原文如下：

Russia considers emulating the world’s largest oil hedge

According to Oilprice, Russia is considering whether to adopt a kind of state oil hedging program, similar to Mexico’s oil hedge, to protect government revenues from oil price crashes in the future, Interfax reported on July 22, quoting sources familiar with the matter.

The Mexican oil hedge, or the Hacienda Hedge, is considered the biggest hedging bet on Wall Street as well as perhaps the most secretive. It has earned Mexico - and a few large investment banks - billions of U.S. dollars.

Every year, Mexico buys put options from investment banks and typically hedges a whopping 200-300 million barrels of oil. With the put options, it has the right, but not the obligation, to sell oil at a previously set price and timing.

Such hedges minimize the losses in case oil prices crash. Earlier this year, it was the oil hedge that is thought to have saved Mexico’s economy from collapsing.

Now Russia is weighing an oil hedge and its President Vladimir Putin has instructed the relevant ministries and departments to submit a report about the pros and cons of initiating a hedging program by July 30, a source in Russia’s economic and finance departments familiar with the document told Interfax.

According to the idea, Russia’s sovereign wealth fund, the National Wealth Fund (NWF), will provide the money for an oil hedge.

Russia’s state-controlled Rosneft has approachedthe leader with a proposal to consider setting up an oil hedge, a source told Interfax, but Rosneft declined to comment on the matter to the news agency.

Currently, Russia’s economy is suffering the consequences of the oil price crash it helped create with the temporary rift with its OPEC+ partner Saudi Arabia in March. The Russian ruble crashed, and Russia’s oil income shrank as a result of the plunge in oil prices.

The oil price crash, along with the coronavirus-driven global recession, will result in Russia’s economy shrinking this year by 6 percent, or by the most in 11 years, the World Bank said in its latest economic report on Russia earlier this month.