Economy

Russia's oil revenue up 41% between Jan-Sept 2021

Russia's oil export revenue increases to $77.9 billion in first nine months of 2021

Emre Gurkan Abay   | 11.11.2021
Russia's oil revenue up 41% between Jan-Sept 2021

MOSCOW

Russia's oil export revenue increased by 41% in the January-September period this year compared to the same period last year, reaching $77.9 billion, according to the data from the Russian Federal Customs Service on Thursday.

The oil export volume decreased by 5.8% to 171.3 million tons in the first nine months of the year compared to the previous year.

Due to the increasing oil prices over this period, Russia's oil export revenue increased by 41% to $77.9 billion.

Oil and natural gas exports account for about 40% of the federal budget in Russia.

The natural gas export revenue of Russian energy company Gazprom increased by 99.2% to $33.2 billion in the January-September period this year compared to the same period last year.

Gazprom's natural gas export volume through pipelines increased by 9.5% to 156.8 billion cubic meters in the first nine months of the year relative to the same period in 2020.

The company's export price for 1,000 cubic meters of natural gas increased month-on-month by 9.2% to $308 in September. This far exceeds what analysts surmise is the breakeven cost for natural gas exports of between $90 and $100.

* Writing by Murat Temizer

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