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Russia's Biggest Oil Producers Have Never Had It So Good

Country’s oil and gas index in rubles reaches an all-time high
Yet looming U.S. sanctions could spoil the party in November

Salym Petroleum Development's Siberian Oil Fields — Photographer: Andrey Rudakov/Bloomberg

By

Dina Khrennikova and

September 20, 2018, 11:01 PM UTCUpdated onSeptember 21, 2018, 9:29 AM UTC

Russia’s oil and gas companies are living through the best of times, simultaneously enjoying record production and the highest prices ever in the local currency.

An index of the companies this month hit an all-time high in rubles and reached levels not seen since June 2014 in dollars. Russian crude producers are raking in cash as the rally in dollar-denominated oil prices is amplified by a weakening ruble, helping the industry achieve record-breaking revenues and shrink debts.