Gas storage tanks standing on Monday at the RN-Tuapsinsky refinery operated by Rosneft Oil Co. in Tuapse, Russia. Igor Sechin, head of Russia’s largest oil producer, state-controlled giant Rosneft, continues to support a production boost. “Demand losses across the [oil] complex are now unprecedented,” Goldman Sachs analysts said in a research note last week. Low prices are also hurting Russia’s budget, which derives a big chunk of its revenues from oil and gas exports. Leonid Fedun, vice president of Lukoil, predicted last week that oil prices could fall to as low as $15 a barrel.
Source: Wall Street Journal March 25, 2020 07:59 UTC