Lukoil's quarterly net income below forecast

Russia's largest private oil producer OAO Lukoil Holdings reported the net profit in Q3 decreased by 20%. The company announced net profit for period was $2.24 billion as compared to $2.82 billion in 2010. The current profit is far away from expected $3.18 billion, according to a survey conducted by Dow Jones Newswires. Overall production of the company declined by 5.3% to 2.11 million barrels of oil equivalent a day.