Russian oil firms' price outlook cut by Credit Suisse

Moscow: Price estimates for Russia's biggest oil producers were cut by Credit Suisse AG as lower crude prices and rising costs restrain earnings. Besides Rosneft, the bank lowered price estimates for Lukoil and Surgutneftegaz, as well as for gas exporter Gazprom and pipeline operator Transneft. "Global macroeconomic and domestic liquidity pressures potentially jeopardise further tax cuts for the sector," analysts said in the report. Russia's oil production fell for the ninth straight month in September as producers struggled with rising costs and maturing fields, bringing the world's second-biggest crude exporter closer to its first annual drop in output since 1998. Russia's government has promised to reduce taxes on oil companies to help reverse that decline. Credit Suisse... [read full story]