Since the activities of Russian oil holdings do not go much beyond upstream oil and gas and oil refining, their possible reactions to crude price changes are limited. So, if Russian companies decide to act, they will most probably opt for cost cutting within their core business segments, while divestments will be of minor importance. The holdings must be very careful about cuts in their modest investment programs or risk stifling an upturn in production volumes in future years. The information contained herewith is based on information made available to the public and is for information purposes only. Information sources are deemed reliable by RMG Securities, however RMG Securities abstains from any liabilities determined from the information herewith.
Analysis is based on dated market information and is subject to change.