Russia's oil revenue down 38% between Jan-July 2020

- Russia's oil export revenue declines to $44 billion in first seven months of 2020

Russia's oil export revenue decreased by 38% to $44 billion in the January-July period this year compared to the same period last year.

According to Russian Federal Customs Service data, the oil export volume in the country decreased by 6% to 143 million tons in the first seven months of the year compared to the same period of 2019.

The country's income from oil exports also fell by 6% to $121 billion last year, compared to the previous year.

Oil and gas exports make up about 40% of the federal budget in Russia.



- Gazprom's revenues also down

Natural gas export revenue of Russian energy company Gazprom fell by 51.4% to $12.5 billion in the first seven months of the year compared to the same period last year.

The Federal Customs Service data showed that Gazprom's natural gas export volume through pipelines decreased by 17.6% to 104.6 billion cubic meters in the January-July period compared to the same period of 2019.

Furthermore, Gazprom's export price for one thousand cubic meters of natural gas decreased by 49% to $83 in July compared to July last year.

Analysts note that for the company to profit from natural gas exports, the price for one thousand cubic meters of natural gas must be above the $90 to $100 threshold.

Global demand for natural gas is expected to fall by a record 4% this year, according to the International Energy Agency’s (IEA) estimates.

Reporting By E. Gurkan Abay in Moscow

Writing By Murat Temizer

Anadolu Agency

energy@aa.com.tr