The Russian oil and gas company Lukoil closed 2018 with more profit and turnover. Among other things the higher oil price played a role in the company last year. In addition, the relatively weaker ruble did a bit in the bag.

The group ended the year with a profit of 619 billion rubles (8.3 billion euros). That meant an increase of almost 50 percent compared to a year earlier. The result was also slightly better than what connoisseurs assumed in average. The turnover of Lukoil rose by more than a third on an annual basis.

The fact that the oil price had a major impact on Lukoil’s results was clearly reflected in the quarterly figures. The oil price fell lower during the measurement period. On a quarterly basis this immediately resulted in less profit and lower turnover in the closing quarter.