Russia’s Largest Oil Company Reports Doubling in Q1 Net Profit

Russia’s Rosneft, the largest crude oil producer in the country, reported a 92.8% quarterly increase in its net profit for the first quarter of the year. Rosneft also said its average daily production had stood at 5.43 million barrels of oil equivalent daily during the reporting period, of which 3.85 million bpd were liquid hydrocarbons. At the same time, the company acknowledged the adverse effects Western sanctions have had on its operations, cutting off its access to the largest financial markets and consequently adding to its…