Rosneft profit up with ‘rapid growth’ in energy demand

Russian oil giant Rosneft on Friday reported an increase in profits in the third quarter, with its CEO predicting a “super cycle” of rising energy prices as demand picks up.

The company -- which is about one-fifth owned by Britain’s BP -- has returned to profit this year as oil prices have rebounded following a dismal 2020 for the industry and global economy due to the pandemic.

Gas prices have also surged this year as the world economy recovers from the Covid-induced crisis.

CEO Igor Sechin said in a statement that “despite the uncertainty in the global economy” there is a “rapid growth in demand for traditional energy resources”. 

“We may witness a new super cycle on the oil and gas markets,” he said.

The state-controlled company reported a net profit of 314 billion rubles ($4.3 billion) in the third quarter after suffering losses in the previous year.

Profit was up 35 per cent between July and September compared to the previous quarter.