Lukoil posts 75% profit leap on crude strength:
"Lukoil, Russia’s second-largest oil producer, has reported a 75 per cent jump in first-quarter net profit, as a recent surge in global crude prices to near four-year highs helped push up revenue and margins. A 17-month-old deal between Russia and the Opec cartel to cap global oil production helped lift prices last year from historic lows, and in recent months a collapse in production in Venezuela and fears over Iran’s output pushed the benchmark Brent crude price temporarily to more than $80 a barrel, cheering oil majors and exporting countries. But concerns over a potentially overheating market saw the energy ministers of Russia and Saudi Arabia, Opec’s de facto leader, hold talks last week on easing that cap, amid calls from producers such as Lukoil to allow them to produce more."
'via Blog this'
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