Russia's oil export revenue fell 13.6% to $25.6 billion in the first quarter of this year compared to the same period last year, according to newly released data of the Russian Federal Customs Service.
The data shows that the country's oil exports decreased by 5.8% to 63.1 million tons in the January-March period of this year, compared to the same period of 2019.
The country's revenues from oil exports also fell 6% in 2019 compared to the previous year, dropping to $121 billion.
Petroleum and natural gas exports make up about 40% of the federal budget in Russia.
- Gazprom's gas export revenue falls
According to the Russian Federal Customs Service, the natural gas export volume via pipeline of one of the largest natural gas producers in the world, Gazprom, decreased by 24% to 46.6 billion cubic meters from January to March, compared to the same period last year.
Over this period, the company's gas export revenue also fell 51% to $6.8 billion in the first quarter of the year compared to the same quarter last year.
Gazprom's net profit decreased by 17% in 2019 compared to the previous year, falling to 1.2 trillion rubles (about $17 billion).
Gazprom is the only company in the country that has been legally authorized to export natural gas through pipelines.
Reporting By E. Gurkan Abay in Moscow
Writing By Murat Temizer