|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||35.42 - 35.42|
|52-week range||24.00 - 38.49|
|Beta (5Y monthly)||0.00|
|PE ratio (TTM)||2.86|
|Forward dividend & yield||2.84 (7.86%)|
|Ex-dividend date||16 Oct 2019|
|1y target est||N/A|
(Bloomberg) -- Russia’s key oil producers voiced support for the idea of extending OPEC+ output cuts into the second quarter, as the global oil market awaits a definitive response to the coronavirus outbreak.Executives who attended a meeting with Russian Energy Minister Alexander Novak on Wednesday said there was no final decision and gave no indication of whether deeper cuts were proposed or discussed.“Most of the companies are inclined to extend for one more quarter” the current deal between the Organization of Petroleum Exporting Countries and its allies, Ravil Maganov, first vice president for Lukoil PJSC, told reporters after the meeting in Moscow.Gazprom Neft PJSC, the oil arm of gas giant Gazprom PJSC, thinks it makes sense to extend the current cuts into the second quarter “and then to monitor the situation and act in line” with it, Chief Executive Officer Alexander Dyukov said.Evgeny Tolochek, president of independent oil producer Russneft PJSC, also voiced support for proposal to keep the current cuts, adding that its “time frame is a matter of negotiations.”OPEC+ is still waiting for Russia to clarify its position on deeper oil output cuts, aimed at mitigating the effects of the coronavirus outbreak in Asia. Novak last week promised to give an answer in days, yet so far the ministry remains silent.Technical experts from the producer group and its allies recommended a temporary deepening of the cut by 600,000 barrels a day in the second quarter. They also recommended maintaining the current 2.1 million barrel-a-day cut through the second half of the year.The epidemic has curbed energy demand from China, the world’s largest crude consumer. In its latest monthly market report, OPEC slashed forecasts for global oil demand leaving the group facing a renewed glut despite its recent production cuts.(Updates with details of meeting in second paragraph.)To contact the reporters on this story: Olga Tanas in Moscow at firstname.lastname@example.org;Dina Khrennikova in Moscow at email@example.comTo contact the editors responsible for this story: James Herron at firstname.lastname@example.org, Christopher Sell, Helen RobertsonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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LONDON/SINGAPORE, Dec 10 (Reuters) - Oil prices slipped for a second straight day on Tuesday as a slowing global demand outlook outweighed OPEC's deal with associated producers last week to deepen output cuts in 2020. Last week, the Organization of the Petroleum Exporting Countries and associated producers like Russia agreed to deepen output cuts from 1.2 million barrels per day (bpd) to 1.7 million bpd to support prices.
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OPEC and non-OPEC producers should raise oil production starting from the second half of the year to balance the market and keep prices at an acceptable level, Alexander Dyukov, the head of Russia's Gazprom Neft, said on Friday. An oil price at $55-$65 per barrel is "acceptable" for Russian producers, he told reporters, adding that the company is ready to quickly restore its oil output, curbed by a global agreement.
Crude prices declined slightly on Wednesday as U.S. government data showed inventories drew down less than an industry report had suggested on Tuesday. Brent crude rallied to its highest level this year early in the session, bolstered by an unexpected drop in U.S. crude inventories reported by trade group the American Petroleum Institute late on Tuesday. Brent crude futures settled down 10 cents at $71.62 a barrel.
Gazprom Neft, the oil arm of Russian gas giant Gazprom, expects the global oil deal between OPEC and its allies to end in the first half of the year, a company official said on Tuesday. Vadim Yakovlev, first deputy CEO of Gazprom Neft, said the global oil alliance should still remain in place, at least in the form of coordination between the world's top global oil producers. In that case, our oil production will be higher by around 1.5 percent from last year," he told reporters in the Russian Arctic town of Salekhard.
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