Moscow, Russia – Russian oil pipeline monopoly Transneft reported a 3.3% year-on-year decline in third-quarter net profit, reaching 79.3 billion roubles ($1.01 billion), the company announced on Friday.

Despite the drop in profit, Transneft’s Q3 revenue increased to 360.3 billion roubles from 344.6 billion roubles in the same period last year. The company, which transports more than 80% of all oil extracted in Russia, continues to benefit from steady pipeline demand even amid market and geopolitical pressures.