Oil revenues collapse in Russia

14:40, 18 January 2021
Oil revenues collapse in Russia Photo: Sergey Lantyukhov/

Oil export revenues in the first 11 months of 2020 plunged 40.9 percent compared to January-November 2019.

During this period, Russia received $66.391 billion from the sale of oil, the Federal Customs Service (FCS) reports.

In value terms, the export of crude oil for 11 months brought $66.39 billion, and the physical volume of sales fell by 11 percent and amounted to 220.241 million tons. Russian companies received $40.7 billion from the sale of oil products for the specified period, which is 33 percent less than in the same period in 2019.

As for gasoline, export revenues also fell by 14 percent to just over $2 billion.

Exports of liquefied natural gas (LNG) also fell by 15.3 percent, coal - by 23.8 percent. In monetary terms, LNG sales abroad fell the most, by 41.8 percent - to $22 billion.

At the same time, in January 2021, Russian oil companies operate exclusively within the OPEC+ deal. The level of hydrocarbon production in the Russian Federation in 2021 will exceed the level of 2020. Russia, according to independent sources, fulfilled the terms of the agreement in December by 95–96 percent.

The Saudi authorities decided to reduce oil deliveries to nine European and Asian buyers, reported earlier.