Russia Merges Rosneft, Gazprom Neft, Lukoil into World's Second-Largest Oil Producer: WSJ

Nov 11, 2024, 08:59 AM

Russia is reportedly working on a plan to merge its three largest oil companies, Rosneft, Gazprom Neft, and Lukoil, into a single national champion, according to the Wall Street Journal. This move aims to create the world's second-biggest crude oil producer, only surpassed by Saudi Arabia's Aramco. The merger is expected to help Russia secure more advantageous energy deals with non-Western states and potentially enable the country to negotiate higher prices from customers in places like India and China. The combined state-backed entity would produce almost three times as much oil as Exxon Mobil, the largest American producer.