Figure of the day: Russia's oil revenues are dwindling at an alarming rate
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Figure of the day: Russia's oil revenues are dwindling at an alarming rate

3 September , 10:57Economy
In the second quarter of this year, foreign exchange earnings from the oil sales fell by almost three times.

Finanz.ru reports a sharp decrease in the size of the “natural rent”, citing truly depressing figures for the domestic oil exports.

Europe:

Deliveries through the port of Ust-Luga:

April - 1.562 million tons.

August - 1.098 million tons.

Deliveries via Primorsk:

April - 3.993 million tons.

August - 2.002 million tons.

Deliveries via Novorossiysk :

April - 1.688 million tons.

August - 0.452 million tons.

China

April - 3.006 million tons.

August - 2.511 million tons.

As a result, Russia for 8 months of 2020 sold 64.817 million tons of oil through ports - 20.9% less than in the same period a year ago.

Revenues from the oil exports - a key source of hard currency for the economy - sank 36%: according to the Central Bank, in the first half of the year oil companies received $ 38.4 billion from buyers against $ 59.7 billion a year ago.

In the second quarter, the decline in oil revenues of the economy turned out to be almost threefold: $ 12.8 billion against $ 30 billion.

However, the country's authorities are once again making a good face with a bad game. So, Putin's press secretary Peskov explained these figures in an interview with reporters by the fact that Russia's dependence on oil and gas revenues is allegedly gradually decreasing:

“This figure, of course, cannot suit, and it does not suit anyone. But this figure tends to be phased, albeit slow, reduction. And over the past 10-15 years, this reduction can be seen with the naked eye..."

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