Rosneft sees seven-fold jump in profit
The world’s biggest listed oil company by output is key to Moscow’s efforts to limit oil production
Moscow — Russia’s Rosneft, the world’s biggest listed oil company by output, experienced a seven-fold rise in net profit in the first quarter, lifted by higher oil prices as the global market moves towards balance, it said on Monday. Rosneft, headed by Igor Sechin, an ally of President Vladimir Putin, controls about 40% of Russian oil production, making it key to Moscow’s efforts to limit oil production under a deal led by the Organisation of Petroleum Exporting Countries (Opec) and Russia. Rosneft said its crude output was down 1.2% in January-March to 4.57-million barrels per day, compared with a year earlier, due to Russia’s obligations under the temporary deal with Opec. Rosneft said it was ready to add more than 100,000 bpd of production quite quickly if needed. The average price of Urals, Russia’s flagship oil blend, rose by 25% year-on-year to $65.2 per barrel in the first quarter, Rosneft said. Alexander Novak, acting energy minister while a new government is being formed af...
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