Research

Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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July 2015 | Seamless Steel Tube & Pipe


Global downturn starts to hit Russia: Europe and CIS Analysis


In May Russia become the number one oil producer in the World, producing 10.7 M bpd pushing Saudi Arabia into second place.

In Russia, MBR is now seeing a slowdown in OCTG production. Despite continuing high levels of oil and gas production, Russian OCTG output is declining with overall production now down for the first five months of the year by around 9% y-o-y. Prices for OCTG in the market remain currently unchanged at around $1,430/tonne for grades equivalent to J/K 55.

...despite the strong oil production
In May Russia become the number one oil producer in the World, producing 10.7 M bpd pushing Saudi Arabia into second place. Russian oil production for the 1H 2015 has risen slightly by 1.1% y-o-y. However, natural gas production for the six consecutive month has declined by 6.2% (natural gas production decline is predominantly attributed to declining exports to Europe).

Although concerns about viability of oil production growth are reported

There are concerns though that the country will maintain...

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