Rosneft sees oil at $80 by Christmas

Rosneft’s chief executive Sechin expects Brent could reach US$80 a barrel by this year’s end
Rosneft sees oil at $80 by Christmas
24 July 12:03 2018 Print This Article

Rosneft reported a sevenfold increase in its net profit for the first quarter of this year on the back of higher oil prices, even though production was lower. The company accounts for about 40 percent of Russia’s total oil production, which has made it key for the production cut Russia agreed with OPEC.

Igor Sechin said that the company’s budget for the year 2018 will not undergo any change remaining based on a much lower price, at $ 63 per barrel.

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