Posted on 03/03/2023 11:00:53 AM PST by marcusmaximus
Russian tax revenue from crude oil and petroleum products plummeted by 48% in February from a year earlier due to the much lower price of Russia’s flagship crude grade after the EU banned imports of Russian oil, according to Bloomberg estimates based on official Russian data.
Total tax revenues from oil and natural gas dipped by 46% year over year to $6.9 billion (521 billion Russian rubles) in February, per data from the Russian Finance Ministry published on Friday.
Russia’s revenues from crude oil and oil products alone crumbled by 48% annually to $4.8 billion (361 billion rubles), according to Bloomberg’s calculations. Oil accounted for more than two-thirds of Russia’s energy tax revenue in February.
Russian natural gas revenues also plummeted last month compared to February 2022, when Russia invaded Ukraine. Natural gas revenues slumped by 42% as Russia cut off gas supplies to a number of EU customers after the invasion.
The plunge in the price of the flagship Russian crude grade, Urals, was the key reason for the lower revenues for the country for both January and February this year.
Russia’s budget was $23.3 billion (1.76 trillion rubles) into deficit in January, compared to a surplus for January 2022, as state revenues from oil and gas plunged by 46.4% due to the low price of Urals and lower natural gas exports, the Russian Finance Ministry said last month.
Russia’s budget revenues from oil and gas plunged in January by 46% compared to the same month last year due to the sanctions on Russian oil exports, which led to a slump in the price of Russia’s flagship crude grade.
The average price of the Urals blend stood at $49.52 per barrel in January and February 2023, compared to $88.89 per barrel for the same months last year
(Excerpt) Read more at oilprice.com ...
It’s all over now except for Zelensky’s victory march though the destroyed, impoverished streets of Moscow…DON’T CHA KNOW.
This is a damn shame, and it didn't have to be.
More retreating from Bakhmut.
These men are scarred for life because there government views them as a means to garner more western aid.
pic.twitter.com/rnSrxaNTvZ— Donbass Devushka (@PeImeniPusha) March 3, 2023
I saw an interview with an energy economist who made a lot of sense. He said the price cap at 60$ a barrel/unit was killing Russia because they are not profitable at that price if they cannot ship via pipeline. Selling to India/China requires them to transport the product by rail and its not efficient due to the long distance.
This is why OPEC nations often try to limit supply so they can keep the profit margin higher per barrel - it’s easier than just pumping more into the system so certain nations have a profitability number they try to maintain depending on what type of oil and how they get it. Same reason that US fracking needs a certain price to remain profitable.
Take this FWIW - I am no energy market guru
Kissing them oil and gas billions good bye
the stupidity never stops with that doofus
kinda entertaining though, watching a former superpower crumble economically ... we don’t get to see that everyday ...
And now the Putinists in the USA are crying for higher oil prices now to bail out their hero! Too funny!
Cost to lift Russian oil is about $45/barrel. Now add another $12 to transport it further away to India and China. So Putin's Russia is not making much money off their oil. Europe was a great buyer because they paid full price, and they are right next door to Russia, so transport / shipping expenses were nil. Everyone was making money and was happy. German industry was very happy with cheap Russian gas.
But the psycho- Czar Vlad was a bored POS, so he started a war against Ukraine.
Its what the market did.
Henry Hub NYMEX Nat. Gas futures prices are down something like 80% from their peak. Mostly due to warm winter in EU/USA and weak economy
It only demonstrates two things
1) Anyone expecting that commodities prices will “win the war” in Ukraine are living a fools paradise
2) Present DC green policy is directly at odds with present DC war-mongering policy. It reveals the ideological stupidity of present US leaders. Destroying energy security is a primary national security threat.
LOL. Did you throw a dart at a board to get that number?
There have been many pro-Kremlin shills here on FR who have been saying that the sanctions against Russia have actually helped Russia and have brought about record profits. Are you one of those guys?
BTW your Trudeau is the pits but at least he has Canada helping out Ukraine. He got that part right. His midget WEF deputy premier is Ukrainian, derived via her mother. Chrystia Freeland. One of Schwab’s favorite young leaders.
On May 1 the Ukrainians will be holding a Victory Parade in Red Square led by their famous 418th Tractor Division.
It’ll be nice to see Zelensky standing atop the ruins of Lenin’s Tomb with the Ukrainian flag flying high and proud over St. Basil’s.
Hope you’ll be there!
Russian Oil Production Among Most Expensive in World
Saudi analysis finds Russian oil production has one of the highest break-even prices in the world.
Russia is one of the most expensive places in the world to produce oil, new analysis produced for Saudi Arabia’s state-owned oil giant Saudi Aramco has found.
The cost of producing a single barrel of Brent crude oil came in at around $42 for Russian onshore projects, and $44 for offshore projects, IHS Markit estimated. That was more than twice the $17 per barrel production costs in Saudi Arabia — the cheapest in the world.
Brent crude is currently trading at $62.40 a barrel on the world markets.
well he’s not MY Trudeau
I thought he was an idiot when he first got in 2015, and I was right
the only reason he stays in power is because his co-asshole Jagmeet Singh’s NDP keeps supporting him
next election he’s out, bank on it
Exclusive: Russia set to mothball damaged Nord Stream gas pipelines - sources
Exclusive: Russia plans deep March oil export cuts, sources say
U.S. treasury officials have said the Russian decision to cut oil production reflects its inability to sell all its oil.
Washington has said it pushed for the introduction of price caps to limit revenues for President Vladimir Putin’s war in Ukraine but have set them high enough to avoid a further spike in global oil prices.
“The export cuts appear to be deeper than the planned production cuts. It might help bump up the price for Russian oil,” one of the sources said.
The G7 group of industrialised nations has agreed to put a price cap on Russian oil at $60 per barrel.
Russian oil has traded below than level in recent weeks due to steep discounts and expensive freight rates. Global Brent benchmark prices trade at above $80 per barrel.
Putin and other Russian officials have said they would refuse to sell oil to countries which abide by the caps and promised to take measures to reduce the discounts.
the only reason he stays in power is because his co-asshole Jagmeet Singh’s NDP keeps supporting him
next election he’s out, bank on it
_______
Trudeau out the sooner, the better. Amazing how a fresh off the boat Singh can call the shots in Canada. We in the USA have our own disgraces!
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