May 29, 2023

Dubai Week

Complete Dubai News World

Oil prices posted weekly gains for the third straight week

I Wrote – Marwa Al Ghul

Saturday, 08 April 2023 at 02:00 PM

Recorded Oil prices Global crude oil settled at $85.12 a barrel and U.S. West Texas Intermediate crude oil at $80.70 a barrel, marking the third week in a row of weekly gains.

And the Russian Finance Ministry announced a drop in revenue Oil Gas in the Russian budget increased by 45% in January-March this year due to falling oil prices and a decline in gas exports.

A statement from the Russian Finance Ministry said: “Oil and gas revenues in the budget amounted to 1.635 trillion rubles (about 20.6 billion dollars), which is a 45 percent decrease compared to the same period last year.”

The report added: “The reason for this decline was primarily a decline in the prices of Russian ‘Ural’ crude oil and natural gas exports.”

The report pointed out that funds from the National Welfare Fund were used to cover uncollected oil and gas revenue to ensure budgetary stability in the face of fluctuations in oil and gas revenue. Oil sector in the second half of this year.

In its report, the Russian fund indicated that non-oil and gas revenue in the first quarter of this year was 4,042 trillion rubles (approximately $50.8 billion), a 4% decrease compared to the same period in 2022.

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