Revenue collected from the oil and natural gas industry in Russia is in part behind the 19 percent gain from last year, a federal tax director said Monday.

Mikhail Mishustin, the head of the Federal Taxation Service, told Russian President Vladimir Putin that the budget has received $240 billion in tax collections over the last 10 months, which was 19.1 percent higher than during the same period one year ago.

"I would like to note that the increase is largely due to the oil and gas industry that accounts for 60 percent of the revenue increase," he said.

Total Russian crude oil production is up 1.8 percent from January. The nation's energy ministry published no data for natural gas production, though the country is a main supplier to the European economy. Total crude oil exports are up 5 percent since the beginning of the year.

The Russian Central Bank said inflation is holding steady at it's target rate of around 4 percent, but moved in a range this year between 3.3 percent and 4.4 percent. Central Bank Gov. Elvira Nabiullina in September said that, in terms of the price of oil, the average for the year should be around $50 per barrel.

Crude oil prices are supported by a production cut agreement led by the Organization of Petroleum Exporting Countries, though Russia is the largest non-member state contributor. Last week, Russian energy officials said the current market situation was agreeable, giving support to sentiment that the country was not behind a long-term extension.

In her September report, the Central Bank chief said if OPEC doesn't extend the deal, oil prices could fall to $40 per barrel by the end of the year, which was her forecast for the price point in 2018.

The federal tax revenue director told the president most of the gains came for corporate tax revenue for the oil and gas industry, though the economy in general seemed to be functioning as expected.

"We can feel this revival," Mishustin said.

Tweet

More Trans Mountain hearings scheduled in Canada
Washington (UPI) Nov 20, 2017
Detailed route hearings for plans to expand the Trans Mountain crude oil pipeline in Canada are scheduled in British Columbia in early 2018, a regulator said. The National Energy Board said it scheduled two hearings for February for segments of the Kinder Morgan project. So far, the NEB said it's received 22 statements in opposition to the segments in question following 20 hearings. ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only