Losses without discount // Oil and gas revenues decreased in April, but are ready to rise in May

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In April, budget oil and gas revenues fell slightly compared to March and fell short of the baseline required by the authorities to cover spending. Due to the lack of additional income, the transition from buying yuan under the fiscal rule to selling it, expected by some analysts, will not happen yet. In May, the situation with oil and gas revenues should change for the better – oil companies will pay the MET based on the price of Urals that increased in April. It is noteworthy that the authorities did not need the fixed discount to the cost of Brent introduced to calculate taxes already in the first month of its operation – the price of Urals turned out to be higher than the price of Brent minus $34.

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