Producers have kept prices for GOST 8732(31) HR seamless pipes bookedfor April delivery at the previous month's level.The major consumer of seamless pipes, oil and gas industry, is steadily developing.In January-March, gas production totalled 182.78 billion m3 in Russia (up 0.5%y-o-y). In March, the gain was most notable (up 2.3% to 61.54 billion m3). Theoutput of oil and gas condensate amounted to 125.37 mt in Q1 (up 1.1% y-o-y).To maintain production, oil and gas companies will have to focus on investmentsin exploration and production. Changes in oil prices have a strong impact on oiland gas companies' investment activity. In April, global oil prices have hit newhigh for two years. In London, quotations for Brent oil have come to the level of$115-120/bbl, last recorded in autumn 2008. Considering strengthening oildemand and the continuing depreciation of the US dollar, oil prices are likelykeep high for a long time thereby enabling Russian companies to invest inexploration and production. In particular, new oil and gas fields are to bedeveloped in Eastern Siberia and the Far East. Besides, there are deposits on theYamal Peninsula, in arctic shelf, in the Caspian and the Black Seas. Advantageoussituation in the Russian oil and gas sector will favour pipe production.According to Metal Expert 's estimates, the output of seamless oil and gas pipeswill keep at 150,000-165,000 tpm in the next three months.
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