Rosneft Sinks in New York as Oil Output Surges Amid Glut - Bloomberg

Rosneft Sinks in New York as Oil Output Surges Amid Glut - Bloomberg:



"OAO Rosneft posted the longest streak of weekly declines since March 2013 as Russian energy producers sank after the country boosted oil output amid a global supply glut that has pushed prices to five-and-a-half-year low.



The state-run producer tumbled for a sixth week, dropping 3.1 percent to close at $3.49 in New York on Jan. 2. A Bloomberg index of the most-traded Russian stocks in the U.S. retreated 5.6 percent during the period. OAO Surgutneftegas (SGTPY) slid 9.1 percent to $5.21. OAO Lukoil (LUKOY) dropped 5.7 percent to $38.95.



Crude, Russia’s top export and a major source of budget revenue, last year capped its worst annual decline since 2008 as U.S. producers and the Organization of Petroleum Exporting Countries ceded no ground in their battle for market share amid a supply glut. The oil company stocks retreated as Energy Ministry data showed Russian output rose 0.3 percent in December to a post-Soviet record of 10.667 million barrels a day."



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