Russia’s Largest Oil Producer Boosts Profits Despite Sanctions ...Middle East

Russia’s largest oil producer, state-owned Rosneft, reported on Thursday a 13% increase in its first-half net income compared to the same period last year, boasting increased efficiency despite the Western sanctions on Russia over the invasion of Ukraine. Rosneft’s net profit increased to $7.2 billion (432 billion Russian rubles) in the first half of 2022. The company’s oil and gas production rose by 1.5% to 4.85 million barrels of oil equivalent per day (boepd) as compared to the same assets it held last year, excluding assets…

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