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

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June 2016 | Seamless Steel Tube & Pipe


Russian OCTG demand continues to remain stable: Europe and CIS Analysis


Growing oil production has a positive effect on drilling meterage, which has grown by 15% in Jan-Apr y-o-y.

CIS market demand remains positive
Russian oil production continues to grow in 2016 despite earlier statements by some major national oil companies that it would be frozen. Russian oil output hit its highest level in nearly 30 years in March at 10.91 Mbpd. According to the latest CDU TEK report in Jan – Apr 2016 the country produced 179.7Mt which is +2.6% y-o-y. In May, Russian oil output stood at 10.83 Mbpd, slightly down for a second straight month but still close to a record high reached earlier this year. Meanwhile natural gas production is slightly down y-o-y – 1.5% for Jan-Apr.

Growing oil production consequently has a positive effect on drilling meterage, which has grown by 15% in Jan-Apr y-o-y. Exploration drilling though is still declining – 1% for the same period. This ultimately is expected have a strong negative effect on overall oil...

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