Rosneft’s Net Profit Falls 68% in First Half, CEO Blames OPEC for Weak Oil Prices

Rosneft (ROSN.MM), Russia’s largest oil producer, reported a more than 68% drop in net profit in the first half of the year, falling to 245 billion rubles ($3 billion). Chief Executive Officer Igor Sechin attributed the decline to weak oil prices, which he said were driven by increased production from Saudi Arabia and other OPEC members.

Sechin, a long-time ally of President Vladimir Putin, voiced rare criticism of OPEC+ strategy, marking the first signs of unease in Moscow after months of rising output by the cartel. Known for his skepticism about cooperation with OPEC, Sechin has previously argued that the group’s production cuts benefitted the United States, which in recent years has emerged as the world’s leading oil producer.

Industry sources have said Russia expressed concern in OPEC+ meetings about the pace of production hikes, though it ultimately backed the moves.

OPEC and its allies, led by Russia and collectively known as OPEC+, had for years cut output to support oil prices. This year, however, the group shifted course to capture market share—partly in response to U.S. President Donald Trump’s calls for higher production.

“Oil prices declined in the first half of the year, primarily due to oversupply,” Sechin said on Saturday. “The main reason was active production growth by OPEC countries, including Saudi Arabia, the United Arab Emirates, Iraq, and Kuwait.”

According to Rosneft and major energy agencies, the global oil market surplus could reach 2.6 million barrels per day in the fourth quarter before narrowing to 2.2 million barrels per day in 2026.

Sechin also renewed his criticism of the Russian central bank’s aggressive monetary policy, saying it has strengthened the ruble, putting additional pressure on oil revenues.

($1 = 80.8455 rubles)