Alliance Oil Co., (AOIL) a Stockholm- listed producer and refiner that operates in Russia, fell the most in seven months after JPMorgan & Co. (JPM:US) said production has slipped.
Shares declined 6.6 percent in Stockholm, the most since Aug. 19. The company’s output fell 9 percent in the first two months of the year from the fourth quarter, led by the Kolvinskoye field, JPMorgan analyst Andrey Gromadin said, citing statistics from InfoTEK.
“If the field production problems are not fixed quickly enough, it would mean a material downside to this year’s upstream targets,” Gromadin wrote in a e-mailed note today.
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