Russian oil producer Lukoil said on Nov. 24 it had reversed a loss into a profit of 50.4 billion roubles (US$664 million) in the third quarter thanks to a rise in oil prices, while it had boosted oil output in Russia and Iraq.

Lukoil has faced a pandemic fallout as well as a weaker rouble, which has inflated its debt, denominated in foreign currencies. The company’s output has been also constrained by a global deal on production curbs.

It had finished the second quarter with a loss of 18.7 billion roubles.

The company said on Nov. 24 it had started to boost its output at West Qurna-2 oil field in Iraq from the middle of October, by around 30,000 barrels per day (bbl/d), after cuts of around 70,000 bbl/d from May 1 and by 50,000 bbl/d more from mid-June, in accordance with the deal.

Lukoil, whose largest shareholders are its head, Vagit Alekperov, and vice president Leonid Fedun, also said it had raised its oil output in Russia.

The company said sales rose to 1.46 trillion roubles in the July to September quarter from 986.4 billion roubles in the April to June quarter.

The growth was mainly attributable to higher hydrocarbon prices, higher production of refined products at the group’s refineries, as well as higher trading and retail sales volumes, Lukoil said in a statement.

The company also began to recover its natural gas production in Uzbekistan in September.

($1 = 75.9280 roubles)