BP-backed Russian oil group Rosneft raked in record profits last year as oil prices surged
By Daily Mail City & Finance Reporter
Published: | Updated:
Rosneft raked in record profits last year as oil prices surged.
The BP-backed Russian oil group made £8.8billion despite having to cut production to comply with agreements struck by oil cartel, Opec+.
Boost: Rosneft made £8.8billion despite having to cut production to comply with agreements struck by oil cartel, Opec+
Rosneft’s production fell 6.6 per cent to 3.9m barrels of oil a day as major crude-rich countries slashed their output in a bid to stimulate prices.
Brent oil prices spiralled above $85 in the final quarter of 2021 as the global economy roared back to life. But the six-fold increase in Rosneft’s profits may be uncomfortable for BP – which owns 20 per cent of the firm – as Moscow amasses troops on Ukraine’s border.
But BP and Shell are among the companies working in Russia that could be affected by sanctions if Russia invades.
Rosneft contributed around 21 per cent of the FTSE100-listed company’s bumper £9.4billion profit last year. This provoked more angry calls for a windfall tax on oil company earnings as Britons face higher bills.
Share or comment on this article:
Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.