MOSCOW, Nov 6 — Russia’s largest oil producer Rosneft said today that its third-quarter net income nearly tripled year-on-year thanks to higher prices and production.
The Russian giant chalked up the higher income to a positive exchange rate and an increase in production following an agreement by the Organisation of the Petroleum Exporting Countries and other top producers including Russia to ease oil supply curbs.
Between July and September, the state-owned company posted a net income of 142 billion roubles (RM8.9 billion).
Sales over the same period increased to 2.29 trillion roubles from 1.5 trillion roubles a year ago.
Total hydrocarbon production in July-September increased by 2.7 per cent from the same period last year to 5.8 million barrels of oil equivalent.
Rosneft chief Igor Sechin warned that the oil company faced “serious market challenges”, saying these included a volatile crude price environment, an uncertain outlook for world economic growth in 2019 and rising global interest rates. — AFP
