Oct 23, 2009

Russian oil export revenue down 45% in Jan-Sep - Kudrin

MOSCOW, October 21 (RIA Novosti) - Russian oil and petrochemical exporters posted a 45% decrease in revenue in the first nine months of 2009 to $129 billion, the finance minister told the lower house of parliament on Wednesday.

"Oil and petrochemical export revenue dropped by 45% in the [first] nine months," Alexei Kudrin said.

He said Russian crude exporters earned $249 billion in the same period of last year.

The country's benchmark Urals blend averaged at $57.4 per barrel from the start of 2009 through October 15, while it was $106.4 in the same period of 2008, Kudrin said, adding that the federal budget had lost 1.6 trillion rubles ($54.8 bln) in revenues due to the fluctuation.

The Economic Development Ministry forecast that a barrel of Urals would average $54 in 2009. The federal budget for 2009 is based on a price of $41, while next year's budget envisages $58.

Source: http://en.rian.ru/business/20091021/156546901.html