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Russian oil export revenue down 45% in Jan-Sep - Kudrin

oil export
19:57 21/10/2009

MOSCOW, October 21 (RIA Novosti) - Russian oil and petrochemical exporters posted a 45% decrease in revenue in the first nine months of 2009 to $129 billion, the finance minister told the lower house of parliament on Wednesday.

"Oil and petrochemical export revenue dropped by 45% in the [first] nine months," Alexei Kudrin said.

He said Russian crude exporters earned $249 billion in the same period of last year.

The country's benchmark Urals blend averaged at $57.4 per barrel from the start of 2009 through October 15, while it was $106.4 in the same period of 2008, Kudrin said, adding that the federal budget had lost 1.6 trillion rubles ($54.8 bln) in revenues due to the fluctuation.

The Economic Development Ministry forecast that a barrel of Urals would average $54 in 2009. The federal budget for 2009 is based on a price of $41, while next year's budget envisages $58.

 

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RIA Novostioil export Russian oil export revenue down 45% in Jan-Sep - Kudrin

19:57 21/10/2009 Russian oil and petrochemical exporters posted a 45% decrease in revenue in the first nine months of 2009 to $129 billion, the finance minister told the lower house of parliament on Wednesday.>>

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