Lukoil’s profit is up 75% on the back of rising oil prices

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Lukoil, Russia’s second-largest oil producer, says net profit grew 75% in the first quarter, amid world oil prices increase, according to the Financial Times.

Russia’s largest private oil producer earned a $ 1.75 billion profit in the first three months of the year, up from $ 998 million in the same period last year.

The Brent oil price was about 20% higher this quarter than in the previous 12 months, largely due to an agreement between Moscow and the OPEC cartel to cut production, according to zf.ro. Russia and Saudi Arabia, the de facto leader of the OPEC cartel, talked about lifting the limitations after Venezuela’s production collapsed, and Iran sends signs of anxiety to the market.

Vagit Alekperov, CEO of Lukoil, was one of the most powerful voices in Russia who demanded increased production. According to Forbes, Putin has a major influence on the Lukoil network. The government holds no stake in the company, but it was set up by a former Soviet oil minister, Vagit Alekperov, who has a fortune of 13.5 billion dollars. Alekperov consults Putin regularly, and Lukoil and Rosneft already have some joint ventures and are planning to conquer Antarctica together.

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