Global Economy News

A 50% jump in Russia's oil revenues

According to Tasnim news agency, citing Rashatoudi, the Bloomberg news channel announced on Wednesday in a report that Russia's oil revenues increased by almost 50% last month compared to the same period last month due to the jump in the price of Ural oil and the adaptation of Russian exporters to Western sanctions. increased last year.

Bloomberg calculations, based on data from the Russian Finance Ministry, show that Moscow's revenue from crude oil sales rose to 590.6 billion rubles ($6.7 billion) last month, compared with 402.8 billion rubles ( 4.5 billion dollars) recorded in June 2023 shows an increase.

According to these data, the total oil and gas profits of the embargoed country increased by 41% to 746.6 billion rubles ($8.4 billion).

According to the publication, the increase in prices was attributed to higher prices for the main export composition of Russia's Urals. The ministry calculated the June taxes based on the Urals price of $67.37 per barrel, up from $53.50 recorded last year.

Despite the price ceiling of $60 per barrel for Russian oil set by the Group of 7 and the European Union, Ural's discount to the global Brent index has narrowed.

Western governments imposed the price cap along with the embargo on Russian offshore oil to hit the country's economy while maintaining the flow of Russian oil to global markets.

These sanctions were imposed in December 2022 and were followed in February 2023 by similar restrictions on the export of Russian petroleum products.

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Mhd Narayan

Bringing over 8 years of expertise in digital marketing, I serve as a news editor dedicated to delivering compelling and informative content. As a seasoned content creator, my goal is to produce engaging news articles that resonate with diverse audiences.

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