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Russian oil export revenue in 9 months down by 45pct

October 23/2009
October, 21 (RIA Novost) -- RIA Novosti cited Mr Alexei Kudrin finance minister of Russia as saying that Russian oil and petrochemical exporters posted a 45% decrease in revenue in the first nine months of 2009 to USD 129 billion.

Mr Alexei said "Oil and petrochemical export revenue dropped by 45% in the nine months. He said Russian crude exporters earned USD 249 billion in the same period of last year.Ф

Mr Kudrin said the country"s benchmark Urals blend averaged at USD 57.4 per barrel from the start of 2009 through October 15th while it was USD 106.4 in the same period of 2008. He added that the federal budget had lost RUB 1.6 trillion in revenues due to the fluctuation.

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


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