живые санкции: Russia’s Lukoil Posts 75% Profit Jump On Crude Strength

Lukoil, Russia’s second largest oil producer, said net profit in the first quarter of 2018 jumped an annual 75 per cent, as higher crude prices helped sales. Russia’s top privately-owned producer reported profit of Rbs109.1bn ($1.75bn) in the first three months of the year, up from Rbs62.3bn a year earlier, and slightly above an analyst forecast of Rbs107bn, according to a poll conducted by Interfax. The benchmark Brent crude price was roughly 20 per cent higher during the quarter than 12 months previously, thanks in part to an agreement between Moscow and the Opec cartel to cap output. That cap may be eased this year following talks between Russia and Saudi Arabia, the de facto leader of Opec, about partially lifting the constraints, following a collapse in output from Venezuela and fears over Iran’s exports, which pushed crude above $80 a barrel this month.
 

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Higher crude prices help Russia’s Lukoil profit...Thanks U.S., OPEC, Saudi Arabia...thanks for sanctions...

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Headlines from two years ago : Lukoil first-quarter profit drops 59% as oil price slumps...

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Oil and Natural Gas = 48% of Russian exports  and the most important item in the budget 

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So lets add that russian budget is planned on assuption of 40 $ oil. A little bit less than forecasts for the future.

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38 minutes ago, Tomasz said:

So lets add that russian budget is planned on assuption of 40 $ oil. A little bit less than forecasts for the future.

Yes, pragmatic move by Russia, to budget for $40 oil for 3 years, starting in 2017.  Article from last year:

Russia is prepared for $40 oil, finance minister says

Russia has accounted for oil at $40 a barrel in its budget, the country's finance minister Anton Siluanov told CNBC in a TV interview on Friday.

Brent crude was trading above $57 on Friday, but the Russian minister said that the budget has taken into account price fluctuations.

"In order to minimize price fluctuations on foreign markets we have prepared a budget which is based on a price of forty dollars a barrel. I think that this is a fairly considered and conservative price, which has been factored in for the next three years," Siluanov told CNBC in a TV interview on Friday.

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Not sure what sanctions have to do with oil prices, though. They don't move in tandem, so to speak.

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20 minutes ago, Marina Schwarz said:

Not sure what sanctions have to do with oil prices

perhaps that was his way to identify Russian-speakers? ;)

in theory, sanctions against Russia kept RUB/USD up, hence Lukoil cost of production lower. In practice - делать хорошую мину при плохой игре. Other (more likely) possibility - sanctions against Iran lifted oil price.

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Hehe, that must be it.

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any update on crude will it be bearish or bullish for today

 

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2 hours ago, munawar said:

any update on crude will it be bearish or bullish for today

 

headlines so far today are a mix between bulls and bears. Bullish says Forcados loadings still delayed, and one analyst report saying OPEC is not going to ramp up production in June to compensate for Iran/Venezuela. On bearish side, there is media lag with reporting OPEC is ready to turn on the taps. API is on a one-day delay due to memorial day, so we will NOT have inventory figures today to contend with.

WTI is down down down, Brent is up. Mixed bag indeed.

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