Russia hit by lower oil price...
MOSCOW, May 13 (AFP) - Russia exported more oil in the first
quarter of 1998 than in the same period last year but the oil was
worth nearly one billion dollars less, Interfax reported, quoting
State Customs Committee officials.
Russia's oil exports for January-March 1998 totalled 29.6
million tonnes, which was worth 2.6 billion dollars.
Although the exports were 2.99 million tonnes up on the 1997
first quarter total, their value was down by 920 million dollars.
Of the 1998 first quarter total, 25.8 million tonnes was
exported to countries beyond the former Soviet Union, and 3.8
million tonnes to former Soviet republics.
The main buyer of Russian oil was Germany (4.05 million tonnes),
followed by Poland (2.97 million tonnes) and Italy (2.74 million
tonnes).
Last year Russia exported 126.8 million tonnes of oil, worth
14.9 billion dollars.
Russia, a non-OPEC country and the world's third largest oil
producer after Saudi Arabia and the United States, has been hit by
the slump in world oil prices.
Earnings from oil exports form an important part of the
government's budget revenue, which has been well below target due to
poor tax collection.
In March world oil prices fell to below 12 dollars a barrel
because of surplus output by the Organisation of Petroleum Exporting
Countries and other producers. In 1997 the price averaged around 19
dollars a barrel.
However, benchmark Brent crude oil rose above the 15-dollar
level Tuesday.
Russia announced a small cut of 61,000 barrels per day (b/d) in
its exports of crude last month in a bid to help lift depressed oil
prices. |
