Russia Drilling on Weak Ruble Leads to Oil Output Gain: Sberbank
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Russian oil producers benefiting from last year’s ruble collapse used relatively cheaper service costs to increase drilling and boost crude output in March, according to Sberbank CIB.
Development drilling jumped 23 percent in the first two months of the year, helping push oil output to 10.71 million barrels a day, Sberbank CIB analysts Alex Fak and Valery Nesterov wrote in a research note Friday. That matched the post-Soviet record level of production in January.