Russia’s Finance Minister Anton Siluanov, reported this Sunday that the Russian budget will receive an additional 200 billion rubles ($2.667 million) due to the rise in oil prices.
“We expect additional income. But I want to clarify immediately that the levels of income and deficits of the last two months remain the same. (…) We are talking about an approximate sum of 200 billion rubles,” the minister told the local press, quoted by TASS.
This week the Deputy Prime Minister of Russia, Alexandr Nóvak, assured that The departure of the United Arab Emirates from OPEC will not trigger an oil price war in the international market due to the hydrocarbon deficit.
Russia almost doubled its oil export income in March compared to the previous month due to the rise in prices due to the Iranian blockade of the Strait of Hormuz following the attacks by the United States and Israel against Iran, according to a report published this Monday by the Center for Research on Energy and Clean Air (CREA).
This independent organization, based in Finland, pointed out in its analysis that total income from the export of Russian crude oil grew by 94% month-on-month in March, up to 431 million euros per day, thanks above all to the rise in prices.
The income from the sale of oil has a lag of about three months because the contracts are set by average prices of weeks or months, so official prices, such as that of the Urals, are calculated with delayed data.
This Sunday, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, the countries that make up the group called OPEC +, decided to increase their oil production quotas. It is the first meeting they have held after leaving the United Arab Emirates this week.
This Sunday’s agreement establishes that between the seven countries, starting in June, “188,000 barrels per day” will be added to current production, “within the framework of their collective commitment to the stability of the oil market,” according to a statement published on the organization’s website. For some observers, the measure has a merely symbolic nature, since producers in the Persian Gulf will not be able to export it.
