Russia’s largest oil producer, Rosneft, reported on Monday a higher net income in the first quarter compared to both the fourth quarter of 2018 and Q1 2018, thanks to higher oil prices and the depreciation of the Russian ruble against the U.S. dollar. Rosneft’s net income in Q1 2019 in rubles jumped by 61.7 percent year on year, to US$2 billion (131 billion Russian rubles), mostly attributable to higher operating profit and a foreign exchange gain. Revenues jumped by 20.6 percent on the year in rubles, thanks to higher volumes of crude oil and petroleum products sales, which grew by 7.6 percent, and to the rise in crude oil prices in rubles, up 12.7 percent on the year, on the back of the Russian currency depreciation. “Despite the volatility and quarterly decrease in oil prices, the decline in oil production under the OPEC+ Agreement and the Agreement on stabilization […]