俄罗斯考虑效仿墨西哥的石油对冲基金

国际文传电讯社7月22日援引知情人士的话报道，根据石油价格，俄罗斯正在考虑是否采取一种类似墨西哥石油对冲的国家石油对冲计划，以保护政府收入不受未来油价暴跌的影响。

墨西哥石油对冲，或称Hacienda对冲，被认为是华尔街最大的对冲赌注，也可能是最隐秘的。它为墨西哥和一些大型投资银行带来了数十亿美元的收入。

墨西哥每年都会从投资银行购买看跌期权，通常会对冲2 -3亿桶石油。有了看跌期权，它有权利但没有义务，以以前确定的价格和时间出售石油。

这样的对冲可以在油价暴跌的情况下减少损失。今年早些时候，人们认为是石油对冲使墨西哥经济免于崩溃。

俄罗斯经济和财政部门一位熟悉该文件的消息人士告诉国际文传电讯社，现在俄罗斯正在考虑进行石油对冲，俄罗斯总统普京已指示相关部委在7月30日前提交一份有关启动对冲计划利弊的报告。

根据这一想法，俄罗斯主权财富基金国家财富基金(NWF)将为一个石油对冲基金提供资金。

一位消息人士告诉国际文传电讯社，俄罗斯国家控股的俄罗斯石油公司(Rosneft)已与政府接触，提议考虑设立一个石油对冲基金，但俄罗斯石油公司拒绝向该通讯社置评。

目前，俄罗斯经济正在遭受油价暴跌的影响，三月份俄罗斯与欧佩克(OPEC)合作伙伴沙特阿拉伯的暂时不和，是油价暴跌造成的。俄罗斯卢布暴跌，石油收入因油价暴跌而缩水。

世界银行在本月早些时候发布的最新俄罗斯经济报告中说，油价暴跌加上疫情引发的全球经济衰退，将导致俄罗斯经济今年收缩6%，为11年来的最大降幅。

赵斌 编译自 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.