Russia’s Rosneft nearly triples Q3 net income

Russia’s oil giant Rosneft (AFP pic)

MOSCOW: Russia’s largest oil producer Rosneft said on Tuesday 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 rubles (US$2.15 billion).

Sales over the same period increased to 2.29 trillion rubles from 1.5 trillion rubles a year ago.

Total hydrocarbon production in July-September increased by 2.7% 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.