The natural gas export revenue of the Russian energy company Gazprom decreased by 49.6% to $14.3 billion in the first eight months of 2020 compared to the same period last year.
According to the latest data from the Russian Federal Customs Service, Gazprom's natural gas export volume through pipelines decreased by 14%, falling to 123.3 billion cubic meters in the January-August period compared to the same period last year.
Gazprom's export price for one thousand cubic meters of natural gas decreased by 46% to $82 in August compared to August 2019, a level that many experts considered unprofitable.
Analysts note that for the company to profit from natural gas exports, the price for one thousand cubic meters of natural gas must be in the range between $90 and $100.
- Oil export revenue down 40%
Russia's oil export revenue decreased by 40% to $49 billion in the January-August period compared to the same period last year.
According to Russian Federal Customs Service data, the country's oil export volume decreased by 9.4% to 160 million tons in the first eight months of the year compared to the same period of 2019.
Russia's exports of petroleum products decreased by 2% to 93 million tons in the January-August period compared to 2019, while its income decreased by 30% to $30 billion.
Oil and gas exports make up about 40% of the federal budget in Russia.
Reporting By E. Gurkan Abay in Moscow
Writing By Murat Temizer