Russia's oil export in May this year decreased to $3.6 billion from roughly $9.7 billion in May last year, the Federal Customs Service said Tuesday
MOSCOW (Pakistan Point News / Sputnik - 07th July, 2020) Russia's oil export in May this year decreased to $3.6 billion from roughly $9.7 billion in May last year, the Federal Customs Service said Tuesday.
The volume of the oil export increased by one percent compared to May last year and amounted to 19.3 million tonnes.
The decrease in the amount of revenue from exports can be explained by lower oil prices. According to the Finance Ministry, the price of Russia's main crude, Urals, more than halved this May compared to last year. It did increase by 70 percent compared to this year's April, but, at $31.03 per barrel, was still below last May's $70.93 per barrel.
Export of oil products increased by 10.8 percent to 12.1 million tonnes in May, compared to last year, but the revenues decreased by half to $2.7 billion.
