Novak: Russia’s oil and gas revenues grew by 28% in 2022
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Russian budget revenues from the oil and gas industry grew by 28% in 2022, informed Deputy Prime Minister Alexander Novak at a government meeting.
“Budget revenues from the oil and gas industry grew by 28% last year, or by 2.5 trillion rubles,” he said.
According to the results of the year, oil production increased by 10 million tons (+2%), reaching 535 million tons, while exports grew by 7%, Novak said. Gasoline production increased by 4.3%, and diesel – by 6%. Work on the implementation of key projects in the petrochemical industry and the modernization of refineries was continued, the Deputy Prime Minister added.
Novak also pointed out that the increase in prices for petroleum products in retail turned out to be lower than inflation: gasoline rose in price by 0.7%, diesel – by 10%.
At the end of December, Novak said that Russia was ready to reduce oil production in 2023 due to the introduction by the European Union and the G7 countries of a ceiling on oil prices, the figure could drop by 5-6%. Based on Novak’s estimates, wrote Vedomosti, oil production in 2023 may reach 502.9-508.3 million tons. In 2021, oil production in Russia increased by 2.2% compared to 2020, to 524 million tons.
The price ceiling, introduced since December 5, is set at $60/bbl, and then it will be reviewed every two months so that the ceiling level is 5% below the price of the Russian grade Urals.
On January 11, the Ministry of Finance announced that the budget for January could not receive RUB 54.5 billion oil and gas revenues. Ministry of Finance and Central Bank on the same day announced on the resumption of foreign exchange interventions within the framework of the fiscal rule.
On January 10, Finance Minister Anton Siluanov announced that the Russian budget deficit in 2022 had increased to 3.3 trillion rubles. – 2.3% of GDP. If we take into account the funds compensated by the state non-budgetary fund as a result of deferrals on insurance premiums, then the budget deficit amounted to 1.8% of GDP.
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