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Monday, October 24, 2016

Experts: by the end of the year oil prices reached $ 50

Federal customs service published the amount of Russia’s budget revenues received from oil exports for the first quarter of the current year. Revenue amounted to slightly more than $14 billion, which is almost 40% less than last year. This result was the worst for “black gold” in the statistics of the FCS, since 2004. Especially when you consider that the volume of Russian oil deliveries only rustle — within 5%, to 62 million tons or 5 million barrels a day.

photo: morguefile.com

Under the similar scenario the situation with gas exports. Here the supply increased by 18% (51 billion cubic meters), revenue fell 29% to $8.5 billion In the framework of the quarterly statistics of the FCS this amount corresponds to the minimum value since 2009. The average oil price for the first three months of this year fell by 1.5 times and amounted, according to the Finance Ministry, $36 per barrel, gas – $147 per thousand cubic meters (minus 38%). While petrodollars from January to March, provided just a little more than 60% of the total foreign exchange earnings of the Russian economy, against 68% a year earlier.

However, interviewed by “MK” experts believe that even these figures look too optimistic, it reflects only the situation at the beginning of 2016, while the current figure is more promising.

Director of the energy development Fund Sergey Pikin has reminded that such statistics arose only because in the first quarter of 2016 the price of a barrel reached $30-33. In the second quarter it increased to $45-46, so the chances that it results in Russia profit from the oil revenues will be much higher, very high. “The good results we get once the price of a barrel reaches $50. But it’s better if this will happen gradually. Haste in this matter is also dangerous. All because now we have an overproduction of oil by the US, which now every month they have to close dozens of oil wells whose profitability has become negative. Correct tune for a long period of stabilization of the price of the market that now makes Saudi Arabia. As soon as the balance will change in favor of demand, prices do go up. I think Russia is the end of the year will reach the level of $45-50”, – concluded the source.

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