Rosneft's Net Profit Fell By Almost 70%

The root cause has been named.

The net profit of the state-owned company Rosneft fell by more than 68% in the first half of this year - to $3 billion. The main reason was an increase in oil production by OPEC countries.

The company's CEO Igor Sechin said this, according to Reuters.

"The first half of the year was characterized by a decline in oil prices, mainly due to overproduction of oil. The main reason is the active increase in production by OPEC countries, including Saudi Arabia, UAE, Iraq, Kuwait," Sechin said.

According to him, citing data from Rosneft and leading energy agencies, the global market's oil surplus will reach 2.6 million barrels per day in the fourth quarter and will drop to 2.2 million barrels per day in 2026.

He also reiterated his criticism of the Russian Central Bank's tight monetary policy, which he believes keeps the ruble strong.

At the same time, Reuters points out: such statements by Sechin are the first in months, which is a manifestation of Moscow's concern over OPEC+ strategy to accelerate production growth.

Reminder, Russia raised its oil export plan in August after Ukrainian drone strikes on oil refineries. The oil export plan increased to 2 million barrels per day.

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