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Stock impact report

ANALYSIS-Tax hikes may help Russian oil majors stomach OPEC output curbs [Reuters]

Bank of America Corporation (BAC) 
Last bank of america corporation earnings: 4/15 06:45 am Check Earnings Report
US:NYSE Investor Relations: investor.bankofamerica.com
Company Research Source: Reuters
By Vladimir Soldatkin , Olesya Astakhova 4 Min Read * Russia hikes oil taxes to fill the gap from coronavirus fallout * Tatneft freezes launching some new fields due to the tax changes * Some Russian oil companies had opposed cuts with OPEC MOSCOW, Oct 26 (Reuters) - Higher taxes imposed on Russia’s energy sector could make prolonged output curbs by OPEC and allied producers easier to stomach for Moscow’s energy majors. The new system of taxes, approved by President Vladimir Putin earlier this month to help Russia weather the economic fallout from the COVID-19 pandemic, make it more expensive for energy companies to boost production from mature oil fields and produce more heavy crude. That could make Russia’s energy sector more willing to accept tighter policies from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, rather than engaging in a tussle with other oil-producing countries such as Saudi Arabia over oil market share, analysts say. O Show less Read more
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