- Russia says its oil production rose to the highest level in nearly 30 years last month, adding to doubts about the ability of the world's largest oil exporters to reach an when they meet in Doha this month to discuss how to align global supply and demand.
- Russia produced 10.91M bbl/day in March, up 0.3% from February and reaching the highest level since 1987 when the country produced 11.5M bbl/day.
- Some oil industry observers believe it would be difficult for Russia to stick to an output freeze since the domestic industry is dominated by big companies such as Gazprom (OTCPK:OGZPY), Rosneft (OTCPK:RNFTF) and Lukoil (OTCPK:LUKOY, OTC:LUKOF), each with their own agenda.
- Commerzbank analysts say speculative investors, who drove oil prices higher between mid-February and mid-March on hopes of a deal, likely will pull out of the market again in light of the latest developments.
- Separately, Lukoil, Russia's second largest oil producer, reports a 26% drop in net profit in 2015, hit by falling crude prices and writeoffs; EBITDA fell 3.7% Y/Y to 768.9B rubles.
- ETFs: USO, OIL, UWTI, UCO, OTC:DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
- Now read Expect "sharply lower" oil prices in coming weeks - Goldman
Russian oil output hits 30-year high, dampens hope for production freeze
Recommended For You
Related Stocks
Symbol | Last Price | % Chg |
---|---|---|
OGZPY | - | - |
Public Joint Stock Company Gazprom |