Revenues from Russian oil export decreased by nearly half

Russian oil export revenues for January and February 2016 are 41% lower than the same period in the last year, a difference of 8.84 billion dollars, RIA Novosti reported, citing data from the Federal Customs Service.

It is reported that in real terms, the Russian Federation increased its oil exports by 40.184 million tons; a 2.5% increase for foreign countries in comparison with the same period in 2015. In financial terms, revenues accounted for 8.266 billion dollars, which is 41.6% lower than in January and February last year. Exports to CIS countries increased by 3%, however, in financial terms, revenues were reduced by 31.8%, a difference of 547 million dollars.

Moreover, exports of oil products reduced by 18.24%, and revenues fell more than two times.

Earlier it was reported that oil production in Russia reached a record high in almost 30 years.

  Russia, Oil, Economy of Russia