據俄羅斯油氣網7月27日莫斯科報道，俄羅斯央行行長埃莉維拉·納比烏林娜24日在莫斯科表示，俄羅斯央行不認為復制墨西哥石油對沖的做法是個好主意。

俄羅斯國際文傳電訊社日前報道稱，俄羅斯正在考慮是否采取一種類似于墨西哥石油對沖的國家石油對沖計劃，以保護政府收入免受未來油價崩盤的影響。

墨西哥石油對沖，或稱莊園對沖，被認為是華爾街最大的對沖賭注，也可能是最隱秘的對沖賭注。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，人們認為是石油對沖使墨西哥經濟免于崩潰。

一名在俄羅斯經濟和金融部門熟悉文件的消息人士7月22日告訴國際文傳電訊社，現在俄羅斯正在考慮一個石油對沖，俄羅斯已指示有關部委和管理部門在月底前提交一份有關石油對沖計劃利弊的報告。

不過，俄羅斯央行并不認為石油對沖計劃是一個好主意。

納比烏林娜說：“在這個話題上，我們還沒有看到準確的建議，但是如果我們說我們直接復制墨西哥的經驗，那么我們不支持這樣的一個建議。”

納比烏林娜說：“應該指出的是，墨西哥的石油產量和出口量都比俄羅斯低得多。如果我們說要對所有數量進行對沖，我們嚴重懷疑對沖市場會允許我們這樣做。”

納比烏林娜補充稱：“如果建議從國家財富基金(NWF)向石油對沖提供資金，這是一種昂貴的操作，在我看來，花費NWF的資金不是最好的辦法。”

李峻 編譯自 俄羅斯油氣網

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.