俄罗斯央行反对复制墨西哥石油对冲

据俄罗斯油气网7月27日莫斯科报道，俄罗斯央行行长埃莉维拉·纳比乌林娜24日在莫斯科表示，俄罗斯央行不认为复制墨西哥石油对冲的做法是个好主意。

俄罗斯国际文传电讯社日前报道称，俄罗斯正在考虑是否采取一种类似于墨西哥石油对冲的国家石油对冲计划，以保护政府收入免受未来油价崩盘的影响。

墨西哥石油对冲，或称庄园对冲，被认为是华尔街最大的对冲赌注，也可能是最隐秘的对冲赌注。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。

一名在俄罗斯经济和金融部门熟悉文件的消息人士7月22日告诉国际文传电讯社，现在俄罗斯正在考虑一个石油对冲，俄罗斯已指示有关部委和管理部门在月底前提交一份有关石油对冲计划利弊的报告。

不过，俄罗斯央行并不认为石油对冲计划是一个好主意。

纳比乌林娜说：“在这个话题上，我们还没有看到准确的建议，但是如果我们说我们直接复制墨西哥的经验，那么我们不支持这样的一个建议。”

纳比乌林娜说：“应该指出的是，墨西哥的石油产量和出口量都比俄罗斯低得多。如果我们说要对所有数量进行对冲，我们严重怀疑对冲市场会允许我们这样做。”

纳比乌林娜补充称：“如果建议从国家财富基金(NWF)向石油对冲提供资金，这是一种昂贵的操作，在我看来，花费NWF的资金不是最好的办法。”

李峻 编译自 俄罗斯油气网

原文如下：

Russia’s Central bank against copying Mexican oil hedge

Russia’s central bank doesn’t think that copying the Mexican oil hedge is a good idea, the Governor of Bank of Russia, Elvira Nabiullina said on July 24, commenting on the idea that Russia could possibly insulate its budget from oil price crashes by adopting an oil hedging program, Oilprice analysed.

Last week, Interfax reported that Russia was 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.

The Mexican oil hedge, or the Hacienda Hedge, is considered the biggest hedging bet on Wall Street as well as perhaps the most secretive. 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 ruin.

Now Russia is weighing an oil hedge, and its President 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 on July 22.

However, Russia’s central bank doesn’t think an oil hedging program is a good idea.

“We have not yet seen accurate proposals on this topic, but if we are talking about us directly copying the Mexican experience, then we do not support such a proposal,” Nabiullina said.

“It should be noted that Mexico’s oil production and exports are much lower than Russia’s, and if we are talking about hedging all volumes, we seriously doubt that the hedging market will allow us to do this,” she noted.

“If the suggestion is to finance the hedge from the National Wealth Fund (NWF), it is an expensive operation and not the best way, in my view, to spend money from the NWF,” Nabiullina added.