Rosneft’s net income dropped 68% in H1 2025, which CEO Igor Sechin blamed on low oil prices caused by OPEC’s increased output, Reuters reports. He warned of a global surplus and criticized Russia’s central bank for a strong rouble holding back exports. www.reuters.com/business/ene...
USD to ruble: January 20th - 111.00 rubles August 29th - 79.65 rubles Credit to poostain and krayonsnov for bringing it back down.
Bloomberg reports Russian oil majors saw steep profit drops in H1 2025. Rosneft’s income fell 68%, Lukoil, Gazprom Neft, and Tatneft down 50–62%. Sanctions expanded discounts on Russian crude, while a stronger ruble and low global prices further cut revenues. www.bloomberg.com/news/article...
That’s called progress in my book!
Wonderful news. This is pretty significant, isn't it?
