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Russian oil export revenues grew 46.5 percent

Russian oil export revenues grew 46.5 percent

Moscow, Dec 13 (Prensa Latina) Russia's Federal Customs Service reported that the country's revenue from oil exports increased 46.5 percent from January to October compared to the same period in 2020.
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The growth was equivalent to 88,757,000,000 dollars, the TASS news agency reported.

The physical volume of fuel exports for the first 10 months of the year decreased 4.7 percent up to 191,022,000 tons due to the restrictions of the OPEC+ alliance agreement.

Members of the Organization of the Petroleum Exporting Countries (OPEC) and 10 large non-member producers (OPEC+), led by Russia, agreed last year to a production cut of 9.7 million barrels per day to face the collapse of oil demand caused by the Covid-19 pandemic.

For the next few months, OPEC+, made up of 23 countries, plans to gradually increase production to 400 thousand barrels per day, to satisfy global demand.

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