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Russia sees oil and gas revenues rise | Economy

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Russia saw revenues from oil and gas rise by almost 30 percent last year to 2.5 trillion rubles (33.9 billion euros).

For example, the Russian energy company Gazprom has increased the gas supply to China via the Power of Siberia pipeline to 15.5 billion cubic meters. Oil production also increased by 2 percent to 535 million tonnes and oil exports increased by 7 percent.

Oil is Russia’s most important export product, but exports are under pressure due to the war in Ukraine. For example, the European Union banned the import of Russian oil in December, while other Western countries have imposed price caps. This applies to the United States and Japan, among others.

A price cap means that a product may not be sold above a certain price. In this case, that ceiling is 60 dollars (56.90 euros). Not only in countries such as Canada, Japan and the United States, but also in the EU countries, no more than 60 dollars can be paid for a barrel of Russian oil.

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