Document shows that Russian oil and gas revenues will decline in 2025-2027 due to a reduction in tax burden for Gazprom.
A draft budget released on Monday shows that Russia's oil and gas revenues are expected to decrease in 2025-2027, due mainly to the easing of the tax burden for the country's biggest gas producer Gazprom. The budget document states that the total budget revenue expected from oil and natural gas sales will decline from this year's 11.3 trillion Russian roubles to 10.9 trillion (117.53 billion) roubles in 2025, or 5.1% of GDP. The revenue is expected to drop further, to 10,56 trillion roubles by 2026, and to 9,77 trillion roubles by 2027.
Oil Falls, OPEC Backs Deeper Supply Cuts
Oil fell on Thursday as the coronavirus epidemic showed no signs of slowing, with deaths mounting globally, and while major producers agreed on deeper output cuts to bolster prices, they could not immediately secure Russian support for the decision.Brent crude fell by 33 cents, or 0.6%, to $50.80 a barrel by 1338 GMT. U.S. West Texas Intermediate (WTI) was down 20 cents, or 0.4%, at $46.58.OPEC agreed to cut oil output by an extra 1.5 million barrels…
Oil Edges Above $71
Oil held above $71 a barrel on Tuesday, supported by falling Venezuelan and Iranian exports and fighting in Libya that raised concerns of more supply threats, outweighing expectations of higher U.S. inventories.In Libya, fighting between Khalifa Haftar's Libyan National Army and the internationally-recognised government has raised the prospect of lower supplies from another OPEC member. U.S. sanctions on two others, Iran and Venezuela, are cutting…
Russian Finance Minister Calls Oil Price of $45 'Balanced'
Russian Finance Minister Anton Siluanov on Wednesday said a price of $45 per barrel of oil was "balanced" for both suppliers and consumers. In an interview with the Rossiya-24 state TV channel, he also said that budget revenues from oil and gas sales had dropped by 18 percent this year due to weaker prices. Benchmark Brent crude oil front-month futures currently trade at over $56 per barrel. (Reporting by Vladimir Soldatkin; Editing by Kevin Liffey)
Russian Finance Minister says Rosneft Deal Had No Impact on Rouble
Russia's finance ministry and the central bank managed to minimise the market impact from the privatisation of oil giant Rosneft, which required conversion of foreign currencies into roubles, Finance Minister Anton Siluanov said on Friday. Russia said earlier this month it sold a 19.5 percent stake in Rosneft to the Qatar Investment Authority (QIA) and commodities trader Glencore. The deal had raised concerns that the transaction could boost the rouble volatility.
Russian Finance Minister Sees Revenues Rising in O&G Sector
Russian Finance Minister Anton Siluanov said on Friday he expected revenues in the oil and gas sector to rise next year despite a heavier tax bill. Speaking in an interview with the Rossiya-24 TV channel, Siluanov said an oil price at $40 per barrel was balanced and would satisfy both producers and consumers. (Reporting by Jack Stubbs and Vladimir Soldatkin)
Moody's Warning Highlights Pressure on Russia
Russia needs to adapt its budget to lower oil prices, Finance Minister Anton Siluanov said on Saturday after credit rating agency Moody's Investors Service warned Moscow it might downgrade the country's sovereign debt rating further into junk territory. The agency said on Friday that it placed Russia's Ba1 debt rating on review for downgrade, pending a two-month review of the government's policies. Of the three major rating agencies, Moody's, Standard and Poor's and Fitch…
Russia Considers Drastic Steps to Plug Finances Hit by Tumbling Oil
Russia is running out of options to plug a yawning hole in its budget - and steps unthinkable before oil prices began to plunge 20 months ago are now being considered. Two senior financial officials told Reuters that authorities were discussing the possibility of calculating rouble rate levels against the dollar that could compensate for some budget losses caused by tumbling oil export revenues by preventing the rouble from strengthening too much.
Russian Oil Profits Up, Goldman says "buy"
Weaker rouble, low tax take boost Russian oils' earnings. When the head of the Kremlin's oil major Rosneft, Igor Sechin, went to see Prime Minister Dmitry Medvedev last month to report on his achievements, he proudly boasted about a bullish report from the U.S. investment bank Goldman Sachs. Goldman's analysts said they had spotted a buying opportunity in the Russian oil sector. While energy companies around the world had been hit hard by a global fall in prices…
Russian Oil Firms Advised to Align Plans with Low Prices
Russian oil companies should revise their investment policies to align themselves with low oil prices, Finance Minister Anton Siluanov told reporters on Wednesday. He also said that oil price of $100 per barrel was unlikely to return. Reporting by Darya Korsunskaya
Russian Finance Minister: No Decision on Oil Tax Changes
Russian Finance Minister Anton Siluanov said on Tuesday that no final decision had been taken on changing the oil taxation system at President Vladimir Putin's meeting with his government on Tuesday. Siluanov told reporters that proposals put forward by his ministry would increase the tax burden on the oil industry by 605 billion roubles ($9 billion) next year. He added that the Finance Ministry believed that the way in which the mineral extraction tax is calculated could be changed.
Russian FM terms Moody's Downgrade as biased
Moody's downgrade of Russia's sovereign rating was based on "factors of a political character," Russia's Finance Minister Anton Siluanov said early on Saturday following news that Moody's had cut the rating to below investment grade. Siluanov also said that the downgrade was based on "unrealistic" forecasts with "no analogies", as the agency had made pessimistic assumptions that went well beyond forecasts by the IMF, World Bank and international banks.
Russia's Rosneft Asks For Over $48 b From State Wealth Fund
Rosneft, Russia's top oil producer hit by Western sanctions, has asked for more than 2 trillion roubles ($48.52 billion) from the National Wealth Fund, Finance Minister Anton Siluanov told reporters on Wednesday. The National Wealth Fund is one of Russia's two rainy day funds that collect windfall oil revenues. (1 US dollar = 41.2200 Russian rouble) (Reporting by Dasha Korsunskaya; writing by Katya Golubkova; Editing by Lidia Kelly)
Novatek Bonds Could Carry 15-year Maturity
Russian Finance Minister Anton Siluanov said on Friday that a possible bond issue from Russia's second-largest gas producer Novatek, which could be bought by the country's National Wealth Fund, could carry a 15-year maturity. "We will receive (Novatek's official) request first and we will see. But it will be money for some 15 years," Siluanov said, when asked about the maturity of the potential bond issue. Siluanov has previously said Russia was ready to help Novatek, which has been hit by Western sanctions over Russia's role in Ukraine.
Hints Of Possible Deal On Ukraine Gas Emerge At G20
emerged at a meeting of G20 finance chiefs this week that a deal in which Moscow eases its stance might be in the works. sidelines. for gas and said it awaits $2.2 billion in unpaid bills. Ukraine if payments don't start coming, but between the now-standard lines he signalled some room for maneuver. "We do not want to escalate tensions with Ukraine. journalists when asked about the gas dispute. "But it requires a decision of the Ukrainian authorities, support of the European Union colleagues. down and discuss this issue. States were bearing fruit. U.S.
Russia Says Iran Oil-for-Goods Deal Would Follow UN Rules
Russian Finance Minister Anton Siluanov said on Friday any oil-for-goods deal between Moscow and Iran would follow United Nations rules on sanctions, not U.S. rules. "We act on the basis of the decisions made by the United Nations that set sanctions, set product groups which would be sanctioned and we operate within those decisions," Siluanov told journalists during the International Monetary Fund-World Bank meetings in Washington. "There is a nuance. Siluanov would not say whether a deal had been sealed with Iran. U.S.
US Warns Russia over Deals with Iran
U.S. Treasury Secretary Jack Lew told his Russian counterpart on Thursday that any oil-for-goods deal Moscow might strike with Iran could run afoul of U.S. sanctions. "Secretary Lew reiterated our serious concerns regarding reports of a possible deal between Russia and Iran involving oil-for-goods," a Treasury spokesperson said in a statement after Lew met with Russian Finance Minister Anton Siluanov. "He made clear that such a deal ... could trigger sanctions against any entity or individual involved in any related transactions," the spokesperson said.
