Revenues Of Russia's Top Oil And Gas Producers Fall 41% In First Nine Months Of 2023

tendata blogTrade Trends News

ten data blog01-12-2023

· Russian oil and gas companies' sales down 41% in first nine months

· Ural oil prices down 26% in January-September

· Transneft oil exports down 8% in the same period

· Russia's oil supplies diversify from Europe to Asia

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Revenues of Russia's largest oil and gas producers fell 41% in the first nine months of the year due to lower export volumes and prices, the Central Bank of Russia said in a financial stability review.

Prices for Russia's flagship Urals oil grade fell by an average of 26 percent over the period, while exports through the network of oil pipeline monopoly Transneft fell by 8 percent compared with the first nine months of last year, the bank said.

The bank did not provide raw data on which the percentage change was based.

Russia's economy has faced serious headwinds from Western sanctions over the conflict in Ukraine, but it has coped with the pressure better than Moscow or the West initially expected. Russia's finance ministry now expects a budget deficit of about 1% of gross domestic product (GDP) this year, down from 2% previously.

Last year, the United States, other Group of Seven (G7) countries and Australia imposed a $60-a-barrel price cap on Russian oil. Russian oil producers have had to shift supplies from traditional European markets to China and India, making payment settlements challenging.

Trade activity with India, currently Russia's biggest buyer of seaborne oil, almost collapsed in July because India wanted to pay in rupees, which the Russian central bank told exporters it would not accept, sources told Reuters.

As an interim solution, cargoes were paid in a combination of yuan, Hong Kong dollars and UAE dirhams, the sources said.

On Wednesday, Igor Sechin, president of Russian energy giant Rosneft (ROSN.MM), criticized the central bank for failing to set up a cross-border payment mechanism.

In a review on Thursday, the bank said the yuan's share of all Russian export payments rose to 35 percent in September from 13 percent in January, while the ruble's share remained "significant" at 39 percent in September.

Changes in destinations, trade flows and settlement systems meant that it took longer to receive payments for crude oil and oil products, the bank said.

Foreign currency liquidity in the domestic foreign exchange market surged in August, with the ruble falling below 100 against the dollar, but the market was generally light in the third quarter and liquidity declined, the report said.

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