Monday, May 14, 2018

Russia's Rosneft reaps rewards from higher oil prices

Russia's Rosneft
Russian oil company Rosneft said Monday its revenue increased more than 20 percent from last year, even as its production levels declined.

The oil company reported first quarter revenue of $30.9 billion, up 0.8 percent from the fourth quarter and 22.1 percent higher than the first quarter 2017. The company attributed the gain in large part to higher crude oil prices.

The price for Brent crude oil, the global benchmark for the price of oil, was in the $50 per barrel range at this point last year. In early trading Monday, Brent was closer to $77 per barrel. The average price for Urals crude oil, the Russian benchmark, was up 7.8 percent from the fourth quarter and is 24.8 percent higher year-over-year.

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