Russia Sanctions Not Impacting Oil Production: Targin CEO

Targin Oilfield Services CEO Kamil Zakirov says Russian sanctions are not having a dramatic impact on oil production. In fact, Zakirov said local oil companies are enjoying the benefits of a weak ruble because their cost basis is much lower than international oil giants who are now prohibited from operating in Russia because of the sanctions. Zakirov said the sanctions are actually making 'local companies more competitive.' While U.S. oil companies are continuing to cut jobs, Zakirov says the number of jobs and contracts in Russia are holding steady. Zakirov said, 'it's actually good to be local.' TheStreet's Rhonda Schaffler reports from the CERA conference in Houston, Texas.