Russian oil and gas exports fell by 17% in a single month, according to an economist
12 May 19:19
Russia continues to lose revenue from oil and gas exports. Economist Andrey Novak discussed this in an interview with the YouTube channel "Komersant Ukrainian".
According to him, official statistics show a 17% drop in oil and gas exports in April alone compared to March. If we factor in the massive losses from the strikes on the Tuapse oil refinery and port, the actual figure could reach at least 20%—all in just one month.
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“This is a catastrophic rate of decline for the main commodity, the main source of foreign exchange earnings. And this is despite a significant rise in global oil prices due to the war in Iran,” Novak emphasized.
He added that Russia had counted on the opposite: more expensive oil due to the Iranian conflict was supposed to fill the aggressor country’s budget.
“Instead, the statistics show a decline,” he concluded.
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