Russia’s oil, gas exports profits set to surge

2023-10-01 06:16:41

(MENAFN) Russia’s Finance Ministry declared in a budget policy document released on Thursday that the nation’s profits from oil as well as gas shipments might increase by approximately a third in 2024.

Based on the ministry’s prediction, Russia’s revenues from oil and gas trades are planned to surge by 30 percent in next year, from USD91 billion to USD118.2 billion. They are set to make up 6.4 percent of GDP as well, in comparison to 5.3 percent in 2023.

An additional grow in energy profits to USD121.3 billion is predicted for 2025, whereas in 2026 the ministry forecasts that they are going to decrease to USD117.1 billion.

By 2026, the stock of oil and gas profit in Russia’s GDP is going to fall to 5.6 percent, based on the prediction, which credited the estimated drop to a “stabilization of the price environment and an increase in the share of oil production at fields with preferential tax treatment.”

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