Russia Investigates Merging Oil Giants to Become a Mega Producer

With nearly three times Exxon Mobil's output, the resulting company would easily be the second-largest crude producer in the world, behind Saudi Arabia's Aramco.Moscow is working on a plan to merge its biggest oil companies into a single national champion, a deal that would tighten President Vladimir Putin’s grip on global energy markets and Russia’s wartime economy.According to persons familiar with the talks, one scenario being explored would see state-backed major Rosneft Oil acquire independently-owned Lukoil and fellow state producer Gazprom Neft, a division of natural-gas exporter Gazprom. All three companies are subject to U.S. sanctions.

Russia is exploring a plan to merge its three largest oil companies into a single producer. The merger would create the world's second-largest oil producer, after Saudi Arabia's Aramco.According to the Wall Street Journal, the Russian government is allegedly developing a plan to combine the nation's biggest oil companies into a national mega-producer, which would make it the second-largest producer in the world and bolster Russian President Vladimir Putin's control over international energy markets.