Rosneft net income drops 68% in first half, attributes weak oil prices to OPEC

Rosneft net income drops 68% in first half, attributes weak oil prices to OPEC

Title: Rosneft Net Income Drops 68% in First Half; Weak Oil Prices and Strong Rouble Blamed

MOSCOW, Aug 30 (Reuters) - Rosneft, Russia's largest oil producer, reported a significant decline in its first-half net income, dropping by more than 68% to 245 billion roubles ($3 billion). The company attributed this drop to weaker oil prices and a stronger rouble.

The company's head, Igor Sechin, also warned that the global oil market surplus is expected to reach 2.6 million barrels per day in the fourth quarter of this year, easing to 2.2 million bpd in 2026 [1].

In a related development, Alberta, Canada's top energy-producing province, is projecting a wider deficit for the current fiscal year due to falling oil prices. The deficit is expected to widen to US$4.7 billion (C$6.5 billion), an increase of C$1.3 billion compared to previous projections [2].

Investors are closely watching these developments, as they impact the broader oil and gas sector. The S&P 500 Oil & Gas Exploration & Production ETF (XOP) has seen significant fluctuations in sentiment and trading activity, reflecting the industry's volatility [3].

References
[1] Reuters. "Rosneft H1 Net Income Down 68.3 Billion Rouble; Warns Oil Glut." Aug 30, 2025. https://www.reuters.com/business/energy/rosneft-h1-net-income-down-68-3-billion-warns-oil-glut-2025-08-30/
[2] World Oil. "Alberta Predicts Wider Budget Deficit Amid Lower Oil Prices." Aug 28, 2025. https://worldoil.com/news/2025/8/28/alberta-predicts-wider-budget-deficit-amid-lower-oil-prices/
[3] MarketBeat. "SPDR S&P Oil & Gas Exploration & Production ETF (XOP) News." 2025. https://www.marketbeat.com/stocks/NYSEARCA/XOP/news/