Russian Oil Export Revenues Fall 48%

Russian Oil Export Revenues  Fall 48%Russian Oil Export Revenues  Fall 48%

Russia’s revenues from the export of oil products plummeted 48.3% year-on-year in January-May 2016 to $16.8 billion, according to the Russian Federal Customs Service report published on Friday. Export of oil products declined 13.5% year-on-year in physical terms to 66.7 million tons in the reporting period. Export of oil products to countries outside the Commonwealth of Independent States fell by 13.2% to 63.8 million tons. Nonetheless, it declined by 17.7% to 2.9 million tons to CIS countries. The export of Russian oil dropped in value terms by 34.3% year-on-year in January-May to $26.139 billion, Tass reported. In January-May 2015, this indicator was $39.814 billion. The actual volume of oil export also increased by 4.65% in the reporting period to 105.849 million tons versus 101.142 million tons a year earlier. The bulk of oil was exported to non-CIS countries, with the price of supplies amounting to $24.134 billion versus $37.235 billion in January-May 2015. Revenues from oil supplies to CIS countries totaled $2 billion versus $2.58 billion a year earlier.