A photo showing a pressure gauge near an oil pump jack on the outskirts of Almetyevsk, Republic of Tatarstan, Russia, on June 4, 2023.REUTERS/Alexander Manjuk/File photo Obtaining license rights
MOSCOW, Nov 30 (Reuters) – Revenues at Russia’s biggest oil and gas producer fell 41% in the first nine months of this year due to lower export volumes and prices, the central bank said in its financial stability review. .
According to the bank, the price of Russia’s main oil grade “Ural” fell by an average of 26% during the same period, and exports through the network of oil pipeline monopoly Transneft (TRNF_p.MM) fell compared with the period from January to September last year. It was announced that there was a decrease of 8%. .
The bank did not provide the raw numbers on which the percentage change was based.
Russia’s economy faces serious headwinds from Western sanctions over the Ukraine conflict, but it has coped with the pressure better than Kremlin and the West initially expected. Russia’s finance ministry now expects this year’s budget deficit to be around 1% of gross domestic product (GDP), down from 2% previously.
The United States, other Group of Seven (G7) countries and Australia last year imposed a price cap of $60 per barrel on Russian crude.Russian oil producers have had to divert supplies from traditional markets in Europe to China and India, leading to challenges with payment settlements.
Sources told Reuters that trade activities with India, currently Russia’s biggest buyer of offshore crude oil, will be delayed because India wants to pay in rupees and Russia’s central bank has given exporters a rupee In July, the company was on the verge of bankruptcy.
As a temporary solution, the cargo was paid for in a combination of Chinese yuan, Hong Kong dollars and UAE dirhams, officials said.
On Wednesday, Igor Sechin, chairman of Russian energy giant Rosneft (ROSN.MM), criticized the central bank for failing to establish a cross-border payment mechanism.
The bank said in a survey on Thursday that the share of payments for all Russian exports in Chinese yuan rose to 35% in September from 13% in January, while the ruble accounted for 39% in September. It said it remained “significant.”
The bank said it is taking longer to receive payments for crude oil and petroleum products due to changes in destinations, trade flows and payment systems.
According to the report, foreign currency liquidity surged in the domestic foreign exchange market in August as the ruble depreciated by more than 100 yen to the dollar, but in the third quarter the market overall became thinner and liquidity increased. sex has decreased.
Reporting by Elena Fabrichnaya and Vladimir Soldatkin.Editing: Mark Trevelyan
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