Petroleum did not notice the cap

Sergey Kondratiev, Principal Director on Economic Studies at the Institute for Energy and Finance, commented to Kommersant FM about oil prices.

The record revenues from October sales are unlikely to be beaten in the near future, Sergey Kondratiev noted:

"Here we can talk about two reasons. The first is the macroeconomic factor: we have seen fairly high oil prices and a fairly low ruble exchange rate.

This situation is in many ways similar to the picture of the spring of 2022, when extreme profitability indicators of the oil and gas sector for the federal budget were also recorded.

The second factor is that after the expansion of the practice of using the additional income tax and the transition of many deposits in Russia to its payment, the seasonality of this indicator has significantly increased, because the tax is charged on a quarterly basis. Accordingly, in April, July and October, we see significantly higher values of oil and gas revenues.

I think we may see a certain slight decrease in oil prices in the coming month. And if the ruble exchange rate remains in the current range, then oil and gas revenues are unlikely to break the current record. But they still remain high in terms of historical level."