Crude oil rose to a record $123.9 a barrel last week following threats to supply in Nigeria and Iraq and growing Asian consumption. Yet fund managers investing in RussiaâÂÂs oil majors have seen little upside over the past year as a result of declining oil production, high taxation and disputes involving shareholders and the state.
Only Lukoil (7.%), Tatneft (6%) and Gazprom Neft (5.2%), the oil arm of gas producer Gazprom, have outperformed the Russian market over the past year. TNK-BP, the Anglo-Russian joint venture, has fallen 12% and Surgutneftegaz is down 18% while Novatek and Rosneft are flat.
