Rosneft reported a 79-percent drop in 2020 net profits to $2.2 billion (147 billion rubles), with its fourth-quarter result hitting a record high after a loss in the third quarter. The company said its free cash flow had remained positive for the ninth year in a row in 2020 despite the challenging demand situation on global oil markets. It also boasted a decline in production costs to $2.6 per barrel of oil equivalent in the fourth quarter of the year. “The pandemic of new coronavirus infection led to an unprecedented drop in crude oil demand,” chief executive Igor Sechin said. “The volatility of oil prices was at a critical level. At the same time, Rosneft fulfilled its obligations to balance market demand and supply as requested by the Russian Government.” Rosneft’s CEO has been a vocal critic of Russia’s OPEC+ obligations under the deal aimed at curbing the excess […]