Moscow was able to stop the oil war with Riyadh, but the consequences for the Russian budget from the market collapse only begin to manifest. In may the budget of the Russian Federation will receive less than $1 per barrel of exported oil Urals, writes Bloomberg.
For comparison, in January, a barrel of exported oil was brought to the budget of the Russian Federation $10.5 m in February, $10.7 m in March to $9.1 in April — a $7.1.
Russian tax on exports of fossil fuels is recalculated each month based on the average price of Urals oil. According to the Ministry of Finance, in the period from 15 March to 14 April, the price of Urals stood at just over $19 per barrel. From may 1 the export duty on “black gold” will decrease in comparison with April by 87 percent — from $52 to $6.8 per ton, reported April 15 in the office.
“This level of fees is the lowest since 2002, when it was introduced a new mechanism of export duties,” he shared details with the Agency representative of the Ministry of Finance.
under the new deal with the OPEC countries+ (OPEC countries, plus Russia, Kazakhstan and Azerbaijan), Moscow agreed to reduce its oil production in may and June by 2.5 million barrels a day. This reduction will result in a “huge challenge” for the oil industry of Russia because of the difficult geological conditions of extraction, results in the publication the results of a study by Oxford Energy.
the Agency reminds that the Russian Federation receives about 40 percent of their total budget revenues from oil and gas. In March this year, the total revenues of the Russian budget amounted to 1,912 trillion rubles, of which oil and gas are brought 0,564 trillion rubles.
Read the article: “Bloomberg said the deal on oil failure of Russia”
