Russian oil companies’ profits have collapsed
1.09.2025 - 13:10
The main reasons were the decline in world oil prices and the strengthening of the ruble.
Rosneft, which accounts for more than a third of Russian production, reported a net profit of 245 billion rubles (about $3 billion). This is more than 68% less than in the same period in 2024, Bloomberg reports.
Lukoil and Gazprom Neft also reported a drop in profits of more than 50% year-on-year. Their smaller competitor Tatneft recorded a decline of 62%.
According to Bloomberg estimates based on Argus Media data, the average price of Urals in the first half of the year was $58 per barrel – 13% less than last year.
Additional pressure was created by the strengthening of the ruble: at the end of June the rate was 78.47 per dollar, which is almost 23% higher than at the end of 2024. This means that Russian producers receive fewer rubles for each barrel sold abroad.
At the global level, the decline in oil prices has also hit the profits of large companies in other countries, as the market faces the risk of an excess supply of “black gold”.
On the eve, Lithuania called on the EU to seize Russian assets and tighten sanctions against Rosneft and the shadow fleet.
