oil and gas revenues increased due to payments to oil workers

Oil and gas revenues of the federal budget in January did not reach the monthly base level (713 billion rubles), amounting to 675 billion rubles. The same situation of “shortfall” occurred in December – after three months of excess collections over the base in the fall of 2023. Let us remind you that this year the basic level of revenues (the minimum volume of oil and gas revenues required to cover planned expenses) is determined differently – this is no longer 8 trillion rubles broken down by month, but an amount calculated based on the oil cut-off price of $60 per barrel .

January collections of oil and gas revenues turned out to be slightly higher than December ones (651 billion rubles), and compared to receipts in January 2023 (426 billion rubles) they increased 1.6 times. Collections of the main oil and gas tax, mineral extraction tax, decreased to 878 billion rubles. against 970 billion rubles. in December (total oil and gas revenues are less than the collections of a separate mineral extraction tax, because the total amount is reduced by refund payments to oil workers from the budget). Spending on subsidies to oil refiners in January decreased to 111 billion from 151 billion rubles. in December, payments for fuel damper – up to 147 billion from 258 billion rubles.

The reduction in these payments to oil workers, in fact, was the only reason for some increase in oil and gas revenues in January compared to December, since, along with the mineral extraction tax, revenues from export duties also decreased last month. The latter is explained primarily by the completion of the tax maneuver in the oil industry (a gradual reduction in export duty rates in exchange for an increase in the mineral extraction tax). Duties on oil and almost all petroleum products have been reset to zero since January 2024, and therefore the total amount of export duties (primarily on gas) dropped sharply compared to December – from 113 billion to 69 billion rubles.

As the Treasury expects additional oil and gas revenues to arrive in February, it announced purchases of foreign currency and gold for reserves on Monday. According to the department, 73.2 billion rubles will be allocated for such operations from February 7 to March 6. (3.7 billion rubles daily). However, taking into account the sales previously announced by the Bank of Russia to mirror expenses from the National Welfare Fund in the amount of 11.8 billion rubles. per day, as a result, during this period the regulator will not buy, but sell currency on the market – in the amount of 8.1 billion rubles. in a day.

Vadim Visloguzov