Rosneft Q1 Profit Soars As Russian Oil Output Cuts Remain Invisible

Russian state-run oil giant Rosneft saw its first-quarter 2023 net profit rise by over 45% to around $4 billion, beating analyst expectations as production increases despite Moscow’s 500,000 barrel-per-day output cuts that started three months ago.  In addition to a 45.5% jump in net profit, Rosneft, headed by Igor Sechin, said it saw EBITDA rise for the quarter by 25.1%, though revenue was down 1.1%. Analyst expectations based on Interfax polling were lower for net profit, revenue and EBITDA.Rosneft noted that Q1 oil production increased…