Russia Plans Major Oil Merger to Become World's 2nd-Biggest Crude Producer, Increase LNG and Coal Supplies

Nov 12, 2024, 11:50 AM

Russia is reportedly considering a merger of its major oil companies, including state-backed Rosneft, Gazprom Neft, and Lukoil, to create the world's second-largest crude producer. This potential consolidation could enable Russia to increase its oil output significantly, potentially producing nearly three times the volume of Exxon Mobil, the largest American oil producer. Analysts suggest that such a move could allow Russia to secure higher prices from customers in key markets like India and China. Additionally, Russia is planning to boost its liquefied natural gas (LNG) and coal supplies to India. A spokesperson for Rosneft has dismissed recent reports of the merger, describing them as unfounded.