Russian oil and gas revenue falls due to increased subsidies
Russian oil
Oil and gas revenues for the Russian government fell in August as subsidies to the country’s refiners counterbalanced an increase in crude prices and a depreciating rouble.
The Russian Finance Ministry reported on Tuesday that budget revenues from oil and gas decreased 4.3 per cent from a year ago to 642.7 billion roubles ($6.6 billion).
According to calculations by Bloomberg, taxes on crude and petroleum products, which last month made up 80 per cent of the nation’s hydrocarbon revenues, decreased to 511.9 billion roubles.
The decrease followed tax refunds, payments for refinery modernisation, and subsidies of 185.9 billion roubles given to diesel and petrol producers for deliveries to the domestic market.
Due to the Russia-Ukraine war and accompanying Western sanctions, the oil and gas sector,which make up around a third of the country’s government revenue,has been under pressure.
In order to prevent an influx of petrodollars and to deter Moscow from using them to fund its military actions, the Group of Seven industrialised nations or G7 set a price restriction on Russian petroleum and other exports.
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Monday saw the highest price for Brent crude, the international benchmark for oil, this year, after Saudi Arabia and Russia decided to limit their oil supply in an effort to drive up prices.
China, a major consumer, has increased steps to bolster its economy, building up confidence in the strength of demand.
Russia’s Urals crude blend averaged $74 a barrel last month, going over the G-7’s $60 price threshold for the second month in a row. Its discount to Brent decreased to $12.20 per barrel, which is significantly less than the level of April.
The sale of oil, which is priced in foreign currencies, has increased as a result of the severe devaluation of the ruble. The average exchange rate to the US dollar this month was 95.5 roubles, up from 60.3 roubles a year earlier.
"When the Russian currency declines by just one ruble, that amounts to an additional 100 billion-120 billion rubles in budget revenue, adjusted for a 12-month period," Bloomberg quoted Alexander Isakov, an economist with Bloomberg Economics Russia, as saying.
(With inputs from Bloomberg)
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