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Oil Outpaces Ruble Giving Russian Drillers Cause for Cheer

  • Stocks may grow as much as 30% more this year: Sberbank CIB
  • Companies gain as oil price in rubles nears record high
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SocGen's Keenan Sees Oil Prices Going Lower From Here

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Russia’s oil producers are enjoying near record crude prices -- in rubles -- and having their best start to the year since 2015. As the nation prepares to discuss its deal with OPEC allies in Oman this weekend, analysts say the good times will continue. Here are the key trends to watch.

For the global market, Brent is still $50 below the high of 2014, yet for Russian producers the price of the benchmark crude in rubles is close to a record thanks to a weaker currency. A new government program of foreign-currency purchases is expected to limit the upward potential for the ruble this year, and in the coming weeks even trigger its temporary weakness, analysts at UBS Group AG said in a Jan. 11 report.