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Russian Oil Revenues Decreased by 25% in Four Months

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The volume of Russian oil export in January-April 2020 decreased by 1% compared to the same period last year – from 72 million tons to 71.3 million tons, the RF Ministry of Energy reported.

“According to various estimates, global oil demand in January-April fell by about 13%. The effect of lower energy prices due to oversupply and falling demand as a result of restrictive measures had a big impact on export revenues,” the statement said. .

Despite the reduction in energy demand in the spring of 2020, Russian oil exports remained at high levels. “So, in April 2020, exports grew by 2.2% compared with April 2019 – from 18.3 million tons to 18.7 million tons – which is associated with a gradual recovery in oil demand in European and Asian markets,” the press service refers to the words of Deputy Minister of Energy of the Russian Federation Pavel Sorokin.

According to the Russian Statistical Committee, in January-April 2020, Russian oil with condensate was exported at $ 30 billion, which is 24.9% less than in the same period in 2019. In April 2020, export revenues amounted to $ 4.4 billion, which is 39.5% less than the previous month. 

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