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Russian producers saw a solid Q1
Opinion
Russia
Anna Butko
8 June 2021
Follow @PetroleumEcon
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Russian producers set for good year

First quarter results thus far point to a solid recovery. The rest of the year could be even better

It is clear, midway through the Russian oil and gas reporting season, that there has been a solid rebound in the first quarter of 2021 after a 2020 devastated by the Covid pandemic. Revenue and Ebitda are up by 11-23pc and 14-66pc quarter-on-quarter, respectively, for the companies that have reported. And we expect favourable oil prices (+32pc year-to-date), a weaker rouble due to geopolitical risks, and Opec+ easing production curbs—+2-4pc year-on-year production growth is anticipated for Russian oil firms—to provide a strong basis for full-year 2021 financials. Russian companies are highly likely to return to investors’ radars, given they are trading at 50pc profit-to-earnings discounts to

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India’s retreat from Russian oil could cause global trade flow shockwaves
15 August 2025
US secondary sanctions are forcing a rapid reassessment of crude buying patterns in Asia, and the implications could reshape pricing, freight and supply balances worldwide. With India holding the key to two-thirds of Russian seaborne exports, the stakes could not be higher
Trump’s energy report card
11 August 2025
The administration is pushing for deregulation and streamlined permitting for natural gas, while tightening requirements and stripping away subsidies from renewables
OPEC+ off-target in July
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The producers’ group missed its output increase target for the month and may soon face a critical test of its strategy
The great OPEC+ reset
7 August 2025
The quick, unified and decisive strategy to return all the barrels from the hefty tranche of cuts from the eight producers involved in voluntary curbs signals a shift and sets the tone for the path ahead

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