Rosneft's net profit fell by 68% due to low oil prices - Reuters
Kyiv • UNN
The net profit of Russian Rosneft in the first half of 2025 fell by 68% to 245 billion rubles. This happened due to oil overproduction by OPEC countries and falling prices.
The net profit of the Russian oil company "Rosneft" in the first half of 2025 decreased by more than 68% — to 245 billion rubles (approximately 3 billion dollars). This is reported by Reuters, transmitted by UNN.
Details
According to the head of the company, Igor Sechin, a surplus of oil has formed on the world market due to the active increase in production by Saudi Arabia, the UAE, Iraq, and Kuwait. He also predicted that the oil surplus could reach 2.6 million barrels per day in the fourth quarter of 2025, and would decrease to 2.2 million barrels in 2026.
The first half of the year was characterized by a decrease in oil prices, primarily due to oil overproduction. The main reason is the active increase in production by OPEC countries, including Saudi Arabia, the UAE, Iraq, and Kuwait.
The head of Rosneft is known for his criticism of cooperation with OPEC and has repeatedly stated that production cuts only stimulate production growth in the United States, which has become one of the world's leading oil producers.
OPEC+ has been cutting production in recent years to support prices, but in 2025, it changed its strategy and began to increase volumes to regain market positions. This partly happened under pressure from the United States, which urged the cartel to increase production.
Recall
Attacks by the Ukrainian Armed Forces on Russian oil refineries can lead to a shortage of gasoline throughout Russia, which will cause an increase in inflation. Recently, the Kuibyshev and Afipsky refineries, which are key to the Russian military industry, were hit.