Russia’s Oil Pain Deepens as OPEC+ Prepares to Cut Output
- Country’s budget to get less than $1 a barrel exported in May
- Russian oil-tax levels drop as Urals crude falls below $20
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The Kremlin may have succeeded in ending its oil war with Saudi Arabia, yet the pain of crude’s crash is only just starting to hit Russia’s budget.
Next month, the nation’s coffers will get less than $1 for each exported barrel of oil, according to Bloomberg calculations based on the data from the Russian Finance Ministry. Oil export duty in May is set to tumble by 87%, compared to April, reflecting crude’s biggest crash in a generation.