Rosneft’s Net Profit Drops Nearly 70%

News

Rosneft’s Net Profit Drops Nearly 70%

01.09.2025 News

The net profit of Russia’s state-owned oil company Rosneft fell by more than 68% to $3 billion in the first half of 2025, CEO Igor Sechin told Reuters.

“The first half of the year was marked by falling oil prices, mainly due to oversupply. The key reason is the active increase in production by OPEC countries, including Saudi Arabia, the UAE, Iraq, and Kuwait,” he said.

Sechin noted that, according to Rosneft and leading energy agencies, the global oil market surplus will reach 2.6 million barrels per day in the fourth quarter, before easing to 2.2 million barrels per day in 2026.

He also repeated his criticism of the Russian Central Bank’s tight monetary policy, which, in his view, supports a strong ruble.

At the same time, Reuters pointed out that Sechin’s remarks mark the first sign in months of Moscow’s concern over OPEC+’s strategy of accelerating output growth.

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