Rosneft39;s Q1 profit at 323 bln rbls vs forecast of 236 bln rbls
Sechin Russia39;s oil output cuts to hit Rosneft39;s production
Rosneft39;s share outperforming wider Russian stock market

MOSCOW, May 31 Reuters Firstquarter net profit of Russia39;s largest oil producer Rosneft rose by 45.5 from the previous three months to 323 billion roubles 4 billion on the back of rising output, the company said on Wednesday, exceeding expectations.

Rosneft, headed by Igor Sechin, a longstanding ally of President Vladimir Putin, has shown resilience in the face of Western sanctions by redirecting its oil flows from Europe to Asia amid a wider political fallout.

The company39;s shares rose in morning trade by about 1.4, outperforming Moscow39;s stock market.

Sechin said the company39;s operations would be further impacted by Russia39;s decision to reduce its oil output by 500,000 barrels per day, or about 5, in order to bolster global oil markets.

While the cut did not have much influence on the Q1 2023 results, it will have a strong impact on the results of the following quarter, he said in a statement.

Rosneft also said its core profit EBITDA increased in JanuaryMarch to 672 billion roubles, up 25.1 from the previous three months, while revenue edged down 1.1 to 1.823 trillion roubles.

Analysts, polled by the Interfax news agency, had expected Rosneft39;s firstquarter net income at 236 billion roubles, EBITDA of 567 billion roubles and revenue of 1.797 trillion roubles….