By Jaime Llinares Taboada

Tatneft PJSC on Wednesday reported that its profit almost halved in 2020, reflecting weaker oil and gas prices and OPEC+ production restrictions.

The Russian oil major made a net profit of 103.49 billion rubles ($1.36 billion) last year, down from RUB192.26 billion in 2019.

Revenue declined 23% to RUB720.7 billion.

"The group's operations in 2020 were significantly affected by the economic impact of the Covid-19 pandemic, changes in oil and petroleum product prices, and the implementation of unprecedented production restrictions under the OPEC+ agreement," Tatneft said.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

03-31-21 0454ET