RUSSIA’S oil companies are on a tear. The nation’s top crude producers more than doubled their combined profit in the first half, trouncing estimates thanks to a weaker ruble and rebounding prices.
And with output curbs easing, the influx of cash is set to continue.
“Russian oilmen feel financially better than any other crude producer in the world,” said Andrey Polischuk, an energy analyst at Raiffeisen Centrobank in Moscow. “Operating costs are low, production is either already at a record or close to a record, and oil in rubles is setting new historical records.” (Read more…)