CEO Sechin says ‘considerable’ negative export duty lag effect Oil output rose to 4.15 million barrels a day in quarter Rosneft PJSC, Russia’s biggest oil producer, said third-quarter profit dropped 77 percent as a decline in export duties lagged behind slumping crude prices. Net income fell to 26 billion rubles ($400 million) from 112 billion rubles a year earlier, the Moscow-based company said Friday in a statement . That missed the 44.4 billion-ruble average estimate of five analysts surveyed by Bloomberg. Rosneft, which took control of smaller rival Bashneft PJSC last month, has taken advantage of a weak ruble that curbs costs and a Russian tax system that cushions producers from lower prices to increase drilling and boost output. However, the monthly fixing of export duties falls a step behind the oil price, putting pressure on earnings, according to Rosneft Chief Executive Officer Igor Sechin. “The environment on the […]