Russia Faces Inevitable Sharp Revenue Drop Next Month... 'Cannot Earn Even $1 per Barrel Sold'
[Asia Economy Reporter Naju-seok] An analysis has emerged that Russia will face a massive tax revenue shortage next month due to low oil prices. It is said that it is difficult to earn even 1 dollar from selling one barrel of crude oil.
On the 15th (local time), Bloomberg News derived this result by analyzing data from the Russian Ministry of Finance.
According to this analysis, the tax revenue obtained from Russia's crude oil exports has sharply decreased. The Russian Ministry of Finance taxes based on the monthly average price of Ural crude oil, and tax revenue has decreased as oil prices have plummeted. From the 15th of last month to the 14th of this month, the average price of crude oil in the Ural region is known to barely exceed 19 dollars per barrel.
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Russia has obtained 40% of its fiscal revenue through exports of crude oil and natural gas, but it has become difficult to avoid the direct impact of income reduction due to recent low oil prices. According to Bloomberg News, recently Ural crude oil was sold at around 17 dollars per barrel.
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