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2016-11-18 18:45:00

RUSSIAN DECISION: $6 BLN

RUSSIAN DECISION: $6 BLN

According to BLOOMBERGRussia's decision earlier this year to engage in talks with OPEC about limiting oil output has added more than 400 billion rubles ($6 billion) to the nation's budget, according to two officials familiar with government calculations.

The possibility that Russia could cooperate with the Organization of Petroleum Exporting Countries to shrink the global oil surplus helped lift international crude prices from as low as $27 in January to an average of $44 for the year as a whole. This increase, combined with rising Russian production, has boosted government revenue by 400 billion to 700 billion rubles, said the officials, who asked not to be identified because the calculations haven't been made public.

The estimates show the incentive for Russia, the world's largest energy exporter, to pursue talks with other major producers even after initial negotiations aimed at freezing production failed in April. That initiative deterred commodities investors from testing how low prices can go through speculative short selling, according to Energy Minister Alexander Novak. A second cooperation effort is now underway, this time backed by an OPEC pledge to cut output that is due to be finalized in Vienna on Nov. 30.

About 40 percent of the Russian government's revenue comes from oil and gas. The flow of petrodollars reduced to a trickle after crude hit a 12-year-low in the first month of the year. Amid a second year of recession, the country's budget deficit grew to its widest in six years, leading the state to dip into rainy-day funds and raise cash by selling assets.

Higher prices translate directly to budget gains, particularly as tax rates expand when crude rises and contract when it falls. In some cases, 90 cents of each dollar of incremental gains in oil prices goes to the budget, rather than the producers themselves.

Russia received 2.7 trillion rubles from the crude-export duty and oil-extraction tax, its main energy levies that provided 26 percent of the total budget revenue from January to October this year, data from the country's Treasury shows. Because of higher oil prices, monthly receipts have exceeded 300 billion rubles since June compared with 185 billion rubles in February, Bloomberg calculations based on the data show.

Russian production reached a post-Soviet monthly record of 11.2 million barrels a day last month compared with 10.9 million barrels a day in January. Energy Minister Novak has said Russia is willing to limit supply if OPEC finalizes its cuts this month, but would prefer to freeze at current levels rather than reduce output.

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Earlier:  

RUSSIA - SAUDI COMPETITION 

IRAN - RUSSIA COOPERATION 

OIL PRODUCTION GROWTH 

FREEZING OIL PRODUCTION 

RUSSIA: THE LARGEST PRODUCER

 

 

 

Tags: RUSSIA, OIL, OPEC

Chronicle:

RUSSIAN DECISION: $6 BLN
September, 22, 08:50:00

RUSSIA - KURDISTAN INVESTMENT

Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.

RUSSIAN DECISION: $6 BLN
September, 22, 08:45:00

IRAN'S GAS EXPORT: ABOVE 5 BCM

Iran exported over 5 billion cubic meters (bcm) of natural gas during the first five months of the current Iranian calendar year (March 21-August 22), Dispatching director of National Iranian Gas Company (NIGC) announced.

RUSSIAN DECISION: $6 BLN
September, 22, 08:40:00

IRAQI OIL TO U.S.

Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.

RUSSIAN DECISION: $6 BLN
September, 22, 08:35:00

QATAR - TURKEY LNG

Qatargas has agreed to sell 1.5 million tpy of LNG to Turkey’s BOTAŞ Petroleum Pipeline Corporation (BOTAŞ) over a period of three years

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