PetroNeft Resources increasing production oil prices soar

PetroNeft Resources

JP Morgan Global Commodities Research said this week that the impact on oil prices from the release of strategic petroleum reserves by the United States China, India, South Korea, Japan and Britain may not last for long.

The release of millions of barrels of oil from strategic reserves was an attempt to try to cool prices after OPEC+ producers did not respond to calls to pump more crude.

“Any further price impact of an actual release will likely not be sustained, as balances would not change beyond the month of the discharge,” JP Morgan said in its research note.

Goldman Sachs said that the 70 million to 80 million strategic petroleum reserves release was a “drop in the ocean.”

PetroNeft Resources CEO David Sturt told DirectorsTalk Interviews “The dynamics in the oil business are looking incredibly strong and confirm our conviction that a unique opportunity is unfolding. This is an excellent time for PetroNeft to be looking to increase our production through our recently announced fracking campaign for early 22.

It is especially good for PetroNeft being a producer in Russia where the tax regime enables operators to share in the upside with the state.”

PetroNeft Resources plc (LON:PTR) is an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, Its 90% owner and operator of Licence 67 and 50% owner and operator of Licence 61.

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