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Saturday, 6 May 2017

Rosneft’s first-quarter profit falls short of expectations

Rosneft’s first-quarter profit falls short of expectations:

"Russia’s Rosneft on Friday reported a limited rise in first-quarter profit that fell well short of analysts’ expectations, as oil production restrictions agreed between Moscow and Opec crimped output growth and a stronger rouble undermined an increase in crude prices.

The state-controlled oil group has been critical of an Opec-led agreement to cut production in an effort to prop up global crude prices, amid concerns that strong performances by US shale companies have neutered its impact and left Russian competitors at a disadvantage. 

“[The] environment remains difficult,” said Rosneft chief executive Igor Sechin. “Continuing world commodity markets volatility, rouble appreciation — all of this impacted the company’s financial results.”"



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