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Russia's 2023 Oil and Gas Revenue Curbed by Sanctions, Cheaper Crude.
In: Bloomberg.com, 2024-01-11, S. N.PAG
Online
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Zugriff:
Russia's net fiscal revenues from oil and gas decreased by 24% in 2023 due to lower global oil prices and a significant decline in pipeline-gas exports. The drop in revenue was exacerbated by tighter Western energy sanctions and generous state subsidies given to the oil industry. This decrease in income puts additional pressure on the budget as Russia plans to increase military spending by nearly 70% in 2024 and faces higher social expenditures. The average price of Russia's main crude-export blend, Urals, dropped over 17% last year, but it still remained above the $60-a-barrel cap imposed by the Group of Seven nations and its allies. Russia's decision to cut off most of its pipeline gas supplies to Europe resulted in a decline of over 65% in budget revenue from gas-export duty. The government also paid significant subsidies to the oil industry, further reducing net revenue. In an attempt to boost revenue, the government cut one of these subsidies in September, which led to a fuel shortage and subsequent restoration of full subsidies. [Extracted from the article]
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Russia's 2023 Oil and Gas Revenue Curbed by Sanctions, Cheaper Crude.
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Zeitschrift: | Bloomberg.com, 2024-01-11, S. N.PAG |
Veröffentlichung: | 2024 |
Medientyp: | serialPeriodical |
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