Better times expected for oil frms

摘要

Higher crude prices should have delivered a boost to Russian oil companies’ frst-quarter fnancial results, which will start emerging later this month. But persistently low refning margins in Russia and Europe will ofset some of these expected gains. The initial crude price collapse in March 2020 hit oil frms hard in the frst quarter of last year. But benchmark North Sea Dated crude averaged $61/bl in January-March — up from $44/bl in the fourth quarter and $50/bl in frst quarter 2020. Bank Renaissance Capital (RenCap) estimates that, in dollar terms, the price of Urals was 25pc higher on the quarter and up by 34pc on the year in Janu- ary-March — with 31pc and 38pc price increases, respectively, in rouble terms.