|Bid||2.17 x 439900|
|Ask||2.21 x 859900|
|Day's range||2.15 - 2.21|
|52-week range||1.40 - 2.30|
|PE ratio (TTM)||16.85|
|Earnings date||22 Feb 2016 - 26 Feb 2016|
|Forward Dividend & Yield||N/A (N/A)|
|1y target est||2.27|
A global deal to cut oil production has had the unintended consequence of aiding Europe's older refineries by bolstering supplies of light crude while curbing shipments of the heavier grades favoured by more advanced plants in other continents. A deal between the Organization of the Petroleum Exporting Countries and non-member producers to cut output by 1.8 million barrels per day (bpd) has held oil prices roughly 20 percent above the low just before they sealed the pact late last year.
Strong residual demand for oil products and the emergence of only a handful of new refineries will protect the profits of Europe's long struggling operations this year, but experts expect the hammer to fall on the weakest from 2018. State-of-the art new refineries in Asia and the Middle East have sharply increased the amount of oil products flowing into global markets and threaten the existence of Europe's ageing and less sophisticated units. "We think the market can absorb it," said Adam Ritchie, founder of AR Oil Consulting and a director at Petro-Logistics, referring to new capacity coming up in 2017.
MILAN/MOSCOW, Jan 18 (Reuters) - Russian state oil producer Rosneft said Western sanctions had stopped it building up its stake in Italian refiner Saras, forcing it to sell the stake two years after buying it. Russia's biggest oil producer agreed in 2013 to buy a 21 percent stake in Saras, which is 50-percent owned by Italy's Moratti family, in a move that was set to strengthen Rosneft's commitment to the Mediterranean area.