Rosneft reported a net profit of RUB43 billion ($586.4 million) in the April-June quarter, swinging back from a loss of RUB156 billion in the previous quarter but lower than RUB194 billion profit in the same quarter a year earlier. The return to profit in the quarter was mostly attributed to improving oil prices which slumped to a 21-year low in April.
Russia’s largest oil producer said its average output stood at 4.04 million bpd in the second quarter, falling 13% from the previous quarter, as the country participated in the OPEC+ output reduction deal. Rosneft said the country’s total production would likely remain stable through December. Rosneft reported that its output in August rose 6% from July.
An official with the company said capital expenditure might be increased to RUB1 trillion ($13.6 billion) in 2021 after cutting it down to RUB750 billion ($10.2 billion) this year.
