Russian oil producer Rosneft reported Monday it started new drilling operations in Iraq, alongside a Chinese contracting partner. Rosneft said it started a new exploration well, which according to state news agency Tass should be completed by July. The company is working in the area alongside a Chinese contractor, after taking over the operations in October. Rosneft is Russia’s largest oil producer. For the fourth quarter, the company said its net production was up 11.8 percent year-on-year for a new record high. As one of the largest oil producers outside of the Organization of Petroleum Exporting Countries, Russia is contributing to efforts to balance a market that last year favored the supply side. According to statistics, Russian oil producer Lukoil, one of the country’s largest in terms of net […]