Russia’s Rosneft says first-quarter earnings, oil output rose

Russian oil producer Rosneft said on Monday its net income and oil production rose in the first quarter as it ramped up output at both mature and new fields and capitalized on favorable foreign currency rates.

The Kremlin-controlled firm, headed by Igor Sechin, a close ally of President Vladimir Putin, also said Venezuela had continued cutting its debt to the company and that its dealings with the Latin American country had not breached U.S. sanctions.

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