... of the ruble, which will lead to an increase in the cost of oil in ruble terms. Another favorable factor for the budget will be the very structure of oil and gas revenues. According to the Ministry of Finance, in the first 11 months of 2024, 83% of oil and gas revenues (before subsidies to refineries) came from just two taxes: the mineral extraction tax (MET) on oil and the additional income tax (AIT), which accounted for 68% and 15%, respectively," said the source. The first tax mainly depends on the volume of oil production, while ...

... of Transparency How does the process of buying and selling petroleum products look today for the end B2B consumer in small wholesale (e.g., an agricultural or construction company)? Let me simplify the chain of interactions: Fuel is produced at oil refineries (refineries) and then sold through the St. Petersburg Commodity Exchange at the lowest market price. Large companies (e.g., Russian Railways) that use petroleum products for their own needs are among the buyers, as are large traders who purchase ...

... while imports have decreased by almost 30% (from 9.2 million to 6.5 million barrels per day)," the expert added. However, according to Tereshkin, gasoline prices are still strongly correlated with the price of oil, partly because most of the oil refineries in the U.S. are located on the Gulf of Mexico coast, while a major demand center remains the East Coast states, which are large importers of fuel. In 2023, 52.6% of the retail gasoline price was attributed to the cost of oil; refining costs ...

... exports even increased by 130,000 barrels per day in August, to 3.36 million barrels per day, while seaborne petroleum product exports decreased by 220,000 barrels per day, to 2.09 million barrels. In addition to the OPEC+ deal, the forced downtime at refineries is also contributing to reduced production and export of petroleum products, Tereshkin explains. However, experts believe that the situation with oil and gas budget revenues does not look critical at the moment. "The situation with oil and gas revenues is not critical at the moment. Over the first eight months of the year, the Russian budget received 7.6 trillion rubles in oil and gas revenues....

... another neighboring country, has already become one of the leaders in production growth due to the development of the Stabroek block. Overall, due to low volumes, a potential reduction in production in Venezuela will not be a serious blow to the oil market. The costs will primarily fall on some U.S. refineries that will lose one of their potential suppliers of high-sulfur oil. Iran: Through China via Malaysia The consequences of the escalation of the Iran-Israel conflict will also be limited, despite the increase in oil production in Iran – ...