Weighted average prices of crude oil supplied to the domestic market in the main oil and gas basins (Timan-Pechora, Volga-Ural, West Siberian).
Territorial index is calculated for the following exchange-traded commodity:
- Crude oil.
Territorial index is calculated for the following oil and gas basins:
- West Siberian.
The family of Territorial Price Indices for crude oil includes the following indicators:
- Indices for exchange-traded crude oil are calculated on a monthly basis (for Timan-Pechora basin only) on the basis of contracts made during organized trading in the SPIMEX Refined Products Section;
- Indices for OTC-traded crude oil are calculated on a monthly basis on the basis of information provided to SPIMEX in accordance with the requirements of Regulation of the Russian Federation Government of 23 July 2013 No. 623.
Territorial indices include excise tax and VAT at the rate established in accordance with the legislation of the Russian Federation.
Calculation methodologies are based on the same principle and differ only in the set of input data used in the calculation. This approach allows comparing prices for exchange-traded and OTC-traded crude oil.
Territorial indices for exchange-traded crude oil are calculated as the weighted average price of all exchange-traded contracts made between the 20th of the previous month and the 6th of the current month, both dates inclusive, in the territory of the corresponding oil and gas basin. The calculation does not take into account contracts made under negotiated orders, and contracts with a volume below 1,000 tons.
Territorial indices for OTC-traded crude oil are calculated as the weighted average price of all OTC contracts with shipment from one of the oil transfer and acceptance points (PS (Pumping Station), OMS (Oil Metering Station), CQCS (Crude Quality Control System), ...) located in the territory of the corresponding oil and gas basin registered between the 20th of the previous month and the 6th of the current month. Contracts for supply to the domestic market by pipeline with a volume exceeding 1,000 tons are used for calculation of indices.
Indices for OTC contracts are calculated with a delay of 3 business days required for the exchange to collect information on OTC contracts.
Indices for OTC contracts are calculated only subject to the following conditions:
- When calculating the index for OTC contracts in compliance with the Regulation of the Russian Federation Government, information on contracts of at least two (2) persons that have entered into an OTC contract and at least three (3) purchasers of commodities is used.
Neither adjusting factors nor transportation tariffs are used in the calculation of National Indices. The only information used is contract prices and volumes. Therefore, Territorial Indices are the most precise indicator of the current average prices for exchange-traded and OTC-traded crude oil for the main oil and gas basins of Russia.