• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Russian’s oil and gas revenues dip by 24% in 2023

2 years ago
in Energy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
272
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Russian’s oil and gas revenues dip by 24% in 2023

Russia’s oil and gas revenues slumped by 23.9% last year compared to 2022 as lower oil prices and reduced pipeline gas exports weighed on budget income from fossil fuels, Russian Finance Ministry data showed on Thursday.

Russian revenues from oil and gas fell to $99.3 billion (8.822 trillion Russian rubles) in 2023, down by 23.9% on the year. The decline was the result of lower oil prices compared to 2022, lower prices for Russia’s flagship crude grade Urals in early 2023, and lower natural gas prices and exports, the Russian finance ministry said in its preliminary estimate on the 2023 budget performance.

Earlier this week, the ministry said that the average price of Urals was $62.99 per barrel in 2023, compared to $76.09 a barrel in 2022.

In December, the price of Urals averaged $64.23 per barrel, higher than the $50.47 a barrel average price in December 2022, the data showed.

The price of Urals exceeded the Western cap of $60 per barrel in the late summer of 2023 when international benchmarks rose. The price cap of $60 a barrel was set by the G7 and the EU if Russian crude sold to third countries uses Western insurance and shipping.

Yet, the lower average price of Russian crude in 2023 compared to 2022 weighed on Moscow’s budget revenues last year.

RelatedPosts

Regular Fiscal Data Publication Key to Having an Effective Fiscal Council, Says Oppong Nkrumah

Finance Ministry Backs New Fiscal Council to Anchor Discipline and Stability

2025 Study: Where High Earners Keep Most of Their Money 

Reduced natural gas exports via pipelines to Europe also weighed on budget revenues.

Gazprom’s pipeline natural gas exports to Europe slumped by 55.6% in 2023, after Russia cut off supplies to several EU countries and Nord Stream was blown up in the Baltic Sea at the end of 2022.

Russia’s daily gas volumes via pipeline to Europe plummeted to 77.6 million cubic meters in 2023 from 174.8 million cubic meters in 2022, according to estimates by Reuters based on data from European gas transmission group Entsog and Gazprom’s daily reports on transit via Ukraine.

Source: mining.com
Via: norvanreports
Tags: oil and gas revenuesRussian’s oil and gas revenues dip by 24% in 2023
No Result
View All Result

Highlights

GoldBod Introduces Special Bonus for Licensed Miners

Thomas Partey in Top Form for Black Stars Amid Legal Challenges – GFA 

BoG Tightens Foreign Currency Import and Export Rules to Curb Money Laundering

BoG Reiterates Warning Against Unauthorised Foreign Exchange Transactions

GRA to Tax Cryptocurrency Gains as Authority Prepares Digital Tracking System

 Importers and Exporters Association Decries “Mafiarian” Auctions of Perishable Goods at Ghana’s Ports

Trending

Business

Regular Fiscal Data Publication Key to Having an Effective Fiscal Council, Says Oppong Nkrumah

August 27, 2025

Regular Fiscal Data Publication Key to Having an Effective Fiscal Council, Says Oppong Nkrumah Ranking Member of...

Finance Ministry Backs New Fiscal Council to Anchor Discipline and Stability

August 27, 2025

2025 Study: Where High Earners Keep Most of Their Money 

August 27, 2025

GoldBod Introduces Special Bonus for Licensed Miners

August 27, 2025

Thomas Partey in Top Form for Black Stars Amid Legal Challenges – GFA 

August 27, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.