Rosneft makes a profit again

RUSSIA / FSU POLITICS - In Brief 15 May 2021 by Alex Teddy
On May 14 the Russian oil major announced that it turned a profit in Q1 2021. Russia's deal with OPEC led to this rosy news. The parastatal company made a net profit of USD 2 billion. It made a loss of over USD 2 billion in Q1 2020.Several other oil companies have turned profits due to an uptick in crude prices. Oil prices are now around USD 65 per barrel. 20% of Rosneft is owned by BP.The CEO of Rosneft said the company is forging ahead with the Vostok Oil Project. He said Vostok will assure the company reliable profits. Production there is due to commence in 2024.

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