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620,0

Export, total

200,9

200,6

205,4

193,8

180,9

185,5

189,4

Export to the non-CIS countries

120,9

125,0

131,1

133,8

131,9

134,2

142,6

Export to the CIS countries

80,0

75,6

74,3

60,0

48,9

51,3

46,8

Net export

196,4

197,6

201,3

189,7

176,8

178,3

182,2

Domestic consumption

374,7

393,4

389,4

394,5

404,7

416,2

437,8

Net export as % to output

34,4

33,4

34,1

32,5

30,4

30,0

29,4

Overall indicators

Oil and gas output, as mn. t. of oil equivalent

819,6

835,3

836,6

849,0

871,5

914,7

979,0

Net export of oil, oil products and gas, as mn. t. of oil equivalent

350,2

356,1

365,7

370,9

384,3

416,6

473,2

Domestic consumption of oil and gas, as mn. t. of oil equivalent

469,4

479,2

470,9

478,1

487,2

498,1

505,8

Net export of oil, oil products and gas as % to oil and gas output

42,7

42,6

43,7

43,7

44,1

45,5

48,3

Source: Goskosmstat of Russia, the RF Ministry of Energy, the State Customs Committee of RF, the author’s computations.

Table 14

Structure of net Export of Oil and Oil products

1990

2002

2003 (estimated)

Mn. t.

%

Mn. t.

%

Mn. t.

%

Oil and oil products

246,3

100,0

256,1

100,0

291,0

100,0

Oil

201,5

81,8

181,3

70,8

214,8

73,8

Oil products

44,8

18,2

74,8

29,2

76,2

26,2

Source: Goskomstat of Russia, the RF State Customs Committee, the OECD International Energy Agency, author’s computations.

The 2003 aggregate net export of oil, oil products and natural gas for the first time over the recent period of time has exceeded the respective levels noted both in 1990 and 1988. We estimate it rose from 407.6 mn. t. of oil equivalent in 1990 up to 473,2 mn. t. in 2003, or by 16.1%. At the same time, the proportional weight of net export in the aggregate oil and gas output grew from 37.3% up to 48.3%. The above testifies to an intensification of the focus on export in the sector vs. the pre-reform period. However, it should be noted that such a rise is associated both with the growth in absolute export volumes and with a reduction in the production of carbohydrates generated by their lowering domestic consumption and the fall in their supplies to the Near- Abroad countries.

The high level of international oil prices in 2003 ensured the maintenance of a fairly high revenue inflow into the Russian oil sector. Between January through October 2003 the aggregate revenues from export of oil and oil products accounted for USD 41.97 bn., while the aggregate profit (balanced financial results) of the sector, including the oil-producing and oil-refining sectors, accounted for USD 4.91 bn. over the period in question. More specifically, the profit of the oil sector alone accounted for 34% of the overall profit of the national industrial sector as a whole and 15.5% of the profit earned by the national economy as a whole (the respective indices made up 39.4 and 20.7% in 2001, and 31.3 and 15.0% in 2002, respectively). The fall in the oil sector’s profit in 2002 vs. 2001 when the international oil prices had stood lower to a significant extent can be attributed to the introduction of the 2002 mineral tax. As concerns oil, the tax was collected at a rate higher than those of earlier collected levies (the subsoil user tax, contributions to the mineral base reproduction and oil excise), coupled with fairly high export duties rates and rising production costs.

Table 15

Financial Performance Indicators in the Oil Sector between 1997-2003, USD Bn.

1997

1998

1999

2000

2001

2002

2003*

Export receipts from oil and main kinds of oil products

21,09

13,96

18,82

34,89

33,43

38,72

41,97

Profit (balance-sheet financial result)

3,52

0,60

6,32

10,42

8,14

4,32

4,91

Accounts payable (as of the end of the year)

6,79

2,41

1,61

1,35

1,01

0,90

0,98

Including:
to suppliers

2,38

0,94

0,72

0,55

0,52

0,59

0,69

to the budget

2,53

0,66

0,43

0,27

0,15

0,10

0,08

*As concerns oil and oil products export gains, the data are provided for the period between January through October, profits – between January through September, accounts payable – as of late September.

Source: computed upon the Goskosmnat data.

Overall, revenues the oil sector accumulated over the period in question ensured a high level of tax revenues to the state budget and enabled Russian oil companies to stabilize their accounts payable to suppliers and to reduce their debts before the budget. By late September 2003 payments due by the oil sector to the budgets of all levels in the USD equivalent slid to the minimum level reported lately, that is, USD 0.8 bn. (Table 9).

Changes in major indicators of the oil sector’s development (output, domestic and overseas sales, prices, investment activity, and the state of payments and settlements) are presented on Fig. 9–16.

Fig. 9

Production, Consumption and Export of Oil in 1990-2003, mn.t.

Source: Goskomstat of Russia, the RF Ministry of Energy, the RF State Customs Committee, author’s computations.

Fig.10

Production, Consumption and Export of Natural Gas in 1990-2003, c. m. bn.

Source: Goskomstat of Russia, the RF Ministry of Energy, the RF State Customs Committee, author’s computations.

Fig.11

The Averaged Export Prices for Oil and Diesel Fuel in 1996-2003, USD/t.

Source: computed basing on Goskomstat of Russia’s data.

Fig. 12

Export of Oil and Oil Products in Natural and Value Equivalent
between 1997-2003, as mn. t., USD mn.

Source: computed basing on Goskomstat of Russia’s data.

Fig. 13

The Enterprises Averaged Prices for Oil and Gas in the USD Equivalent between
1992 through 2003, USD/t., USD/Thos. C.m.

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