Russia may earn additional $50 bn from rising oil and gas prices

Oil and gas revenues of the Russian budget and extra-budgetary funds in 2021 may grow by almost 70% compared to the level of 2020 or by $ 50 billion against the background of high oil and gas prices, the international rating agency Fitch calculated.

According to Dmitry Marinchenko, Senior Director of the Fitch Group for Natural Resources and Commodities, in 2021, budget revenues from oil and gas could amount to about 9 trillion rubles, or about $ 125 billion.

“This is $ 50 billion more than in 2020, and about $ 40 billion more than it could have been if the macroeconomic parameters were in line with our expectations at the beginning of the year,” the analyst says. Then it was expected that the average oil price would be $ 45 per barrel, and the export price for gas – $ 200 per thousand cubic meters. m. At this level, oil and gas revenues in 2021 “will probably even slightly exceed the level of 2019,” when they amounted to about $ 120 billion, Marinchenko calculated.