Refusal of the "oil needle" turned into big losses for Russia

28 September 2020

The lion's share of the income the budget of Russia receives from the sale of energy resources abroad. However, recently due to the coronavirus pandemic and due to a number of structural problems in the economy The Russian Federation risks losing huge sums of money due to the abandonment of the "oil needle".

In an attempt to restructure the sources of income, the Kremlin is trying to change the domestic economic paradigm of dependence on oil and get off the notorious "oil needle". But this approach at the moment can result in very large losses for Russia - there is currently nothing to replace the income from the sale of "black gold".

From January to August of this year, oil sales fell by about 21 percent compared to the same period in 2019. The deliveries of Russian raw materials from the port of Ust-Luga decreased by 43 percent, through Primorsk - by half, while from Novorossiysk, the volume of oil sales from the Russian Federation fell four times. Russian oil will no longer be supplied to the facilities of the largest Turkish oil refinery STAR - fuel from Russia will be replaced there with Norwegian and Iranian ones.

Thus, the Russian budget is losing revenues, and other export items are not yet able to compensate them. Hopes for a strengthening of the Russian currency also remain very illusory.

Photos used: https://pixabay.com

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Offline Bulanov

Bulanov (Vladimir) 28 September 2020 11: 01

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It is necessary to revive its industry, both light and medium. Stimulate the transfer of plants and factories from the EU to Russia, since here energy carriers are cheaper (if the government allows).
Offline Mihail55

Mihail55 (Michael) 28 September 2020 11: 41

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This is called the government ???
Offline Igor Pavlovich

Igor Pavlovich (Igor Pavlovich) 28 September 2020 11: 46

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Russia had seven fat years for the development of the country, and Putin in the eighth year decided to fight ...
1. Offline 123
  
  123 (123) 28 September 2020 12: 28
  
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  Russia had seven fat years for the development of the country, and Putin in the eighth year decided to fight ...
  
  You missed a great opportunity to remain silent
Offline Sergey Latyshev

Sergey Latyshev (Serge) 28 September 2020 12: 24

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And in other articles they write that grain, lithium, all sorts of rare earths have already somehow blocked sales.

And here and there they sold a record amount of gas / oil. Is this a refusal?

Who's lying?
Offline 123

123 (123) 28 September 2020 12: 27

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The lion's share of the income the budget of Russia receives from the sale of energy resources abroad.

Oil and gas budget revenues are about 1/3. It doesn't really fit this definition.

The lion's share is an immeasurably large, incomparably better part

http://iminfin.ru/areas-of-analysis/budget/dohody-fb?territory=1

In an attempt to restructure the sources of income, the Kremlin is trying to change the domestic economic paradigm of dependence on oil and get off the notorious "oil needle". But this approach at the moment can result in very large losses for Russia - there is currently nothing to replace the income from the sale of "black gold".

Ten years ago, the sale of energy resources provided half of the budget revenue. To say that nothing is being done at all is also not true. The volume of foreign trade decreased for all. What did the USA, Japan or Germany replace the outstanding incomes?

From January to August of this year, oil sales fell by about 21 percent compared to the same period in 2019.

Sales fell for everyone and not only oil and gas. If the author is not aware, the crisis is in the yard. To make surprised eyes, they say, look what's going on is simply ridiculous.

The deliveries of Russian raw materials from the port of Ust-Luga decreased by 43 percent, through Primorsk - by half, and from Novorossiysk, the volume of oil sales from the Russian Federation fell by four times. Russian oil will no longer be supplied to the facilities of the largest Turkish oil refinery STAR - fuel from Russia will be replaced there with Norwegian and Iranian ones.

What about the pipelines? Have they stopped pumping oil? Norwegian oil is good, although their production is falling, which means that it will sell less oil to other buyers. Iranian oil is interesting This will surely improve Erdogan's relations with the United States.

Thus, the Russian budget is losing revenues, and other export items are not yet able to compensate them. Hopes for a strengthening of the Russian currency also remain very illusory.

Is it all gone again? And who tried to strengthen the ruble?
Offline gorenina91

gorenina91 (Irina) 28 September 2020 13: 14

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Refusal of the "oil needle" turned into big losses for Russia

-Yes, nothing ...
- Damn., Just think ... - some kind of "oil needle" ... - Yes .. Russia has already tried on a new "stranglehold" ... - this is the "Great Chinese Silk Roads" ...
-And why should Russia open any factories of its own, establish its production ... -Here we will serve these Chinese routes; and the Chinese to throw our junk to us ... - So we will live ... somehow ... - Why bother breaking our heads ...
Offline Alexzn

Alexzn (Alexander) 28 September 2020 17: 14

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The note contains ridiculous logic. Getting off the needle does not mean INSTEAD, but IN ADDITION.