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Russia earned record low oil and gas revenues in early 2021
In the first quarter of 2021, Russia received record low oil and gas revenues since 2011. The budget received 1,62 trillion rubles.
According to NEDRADV citing data from the Ministry of Finance, budget revenues under this item fell by 30%. A greater decline was observed only in the first quarter of 2016 - by 34%.
According to HSE analysts, this process was not affected by the cost of oil: the price of the Urals brand was, like last year, $ 60,2 per barrel. However, as part of the OPEC + deal, Russia cut production by 10%.
In just three months, the budget received 5,29 trillion rubles of revenues. Of these, 3,68 trillion rubles were revenues in other categories, an increase of 25%. This growth led to an increase in VAT.