Stocks climbed for a second day after Russia called for fresh talks to resolve the crisis in Ukraine and the ruble’s decline stoked bets on a higher dividend for preferred shares of oil producer OAO Surgutneftegaz.
President Vladimir Putin met his Ukrainian counterpart Viktor Yanukovych today as Russia’s smaller neighbor seeks to trim the price it pays OAO Gazprom for fuel supplies by leasing out its natural gas pipelines.
Russian crude oil production held at 10.13 million barrels a day in June, a post-Soviet record that matches the revised figure for May, the Energy Ministry’s CDU- TEK unit said in an e-mailed statement today.
OAO Novatek rose the most in almost a week after Vedomosti reported Russia’s second-largest gas producer may save more than 20 billion rubles ($717 million) on paying a gas extraction tax, citing their own calculations.
OAO Gazprom , the world’s biggest natural-gas producer, said profit fell less than expected in the second quarter, as rising Russian prices helped offset a foreign exchange loss and slower European gas sales.
OAO Gazprom is “perplexed” by reports of a decline in Russian natural-gas supplies to Europe, said Deputy Chief Executive Officer Alexander Medvedev, adding Ukraine is taking more fuel than contracted during a cold snap.