Oil and gas revenues of the budget decreased by 50% in five months – Kommersant

According to preliminary estimates, in January-May 2023, the budget received revenues of 9.818 trillion rubles. This is 19% lower than the volume of income received for the same period in 2022. Expenses for this period amounted to 13.229 trillion rubles, which is 27% higher year-on-year. As follows from Ministry of Finance datathe preliminary budget deficit for five months is 3.411 trillion rubles.

Non-oil and gas revenues for the period from January to May 2023 increased by 9% year-on-year to RUB 6.965 trillion. Oil and gas revenues over this period, on the contrary, fell – by 50% year-on-year, to 2.853 trillion rubles.

The Ministry of Finance explained the drop in oil and gas revenues by last year’s high figure, a decrease in price quotations for Urals and a decrease in natural gas exports. At the same time, the Ministry of Finance noted that the monthly dynamics of oil and gas revenues “is entering a stable trajectory” in accordance with their base level (8 trillion rubles per year).

The Ministry of Finance predicts a recovery in tax revenues from the oil sector during the year, especially in the second half of the year. This will be facilitated by the determination of the base of “oil” taxes and the limitation of the discount on oil.

“The monthly dynamics of the execution of federal budget expenditures is gradually returning to a normal level after accelerated financing in January-February of certain contracted expenditures,” the Ministry of Finance said in a statement.

In May 2023, the average Urals oil price amounted to $53.34 per barrel is 1.48 times lower than in May 2022 ($78.81).

The news is being added.