Rosneft Returns to 2Q Profit. Oil output Drops 13%

Russia’s largest oil producer Rosneft made a second-quarter profit of 43 billion roubles after reporting a loss in the previous three months thanks to a rise in oil prices, it said on Friday.

Rosneft, headed by Igor Sechin, a long-standing ally of President Vladimir Putin, is the first big Russian oil company to report financial results for the second quarter, when the oil prices started to recover after hitting a 21-year low in April.

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