Russia’s Largest Oil Producer Bucks Global Drilling Slump
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Crude’s plunge into a bear market slowed drilling from the U.S. to Africa, but in Russia’s oil heartland of Siberia the opposite happened.
OAO Rosneft, the world’s largest traded oil producer, increased drilling by 27 percent in the first seven months of the year, according to a statement Thursday. That will help Rosneft to halt a decline in its production this year, said Alexander Kornilov, an oil analyst at Alfa Bank.