Mubasher: State-owned oil major Rosneft on Monday reported a seven-fold leap in its net income for the three-month period ended March 2018, while revenue grew 22%, driven by higher crude prices.

The Russian oil producer generated a net income of RUB 81 billion ($1.31 billion) during Q1-18, compared to RUB 11 billion in Q1-17, but lower than RUB 100 billion in Q4-17 due to “the recognition of the one-off income.”

The company’s output between January and March dropped to 5.7 million barrel per day (pbd), compared to 5.8 million pbd in the year-ago period.

Russia's largest oil producer saw a slight decline in its hydrocarbon production during the quarter, owing to the obligations under the cut supply deal supported by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries.

The energy giant also slashed short-term liabilities by 49%, after paying 1.02 trillion of debt.

Meanwhile, the oil company’s revenue reached 1.72 trillion ($27.8 billion), from RUB 1.41 trillion in the comparative period of 2017, and RUB 1.70 trillion in Q4-17.

“[Given the initiatives] focused on value creation for shareholders and also relatively favorable market conditions, we expect further reduction in liabilities and improvement in the shareholder returns,” Rosneft’s CEO Igor Sechin said.