Alexey Gromov, Principal Director on Energy studies at the Institute for Energy and Finance, commented to the Novye Izvestia Internet portal on the current financial situation of Russian oil and gas companies.
Alexey Gromov links the negative financial statements of the Russian oil majors to the fall in world oil prices:
And in this situation, of course, it is clear that the profitability of Russian oil companies has declined, which has affected their financial performance.— Let's not forget that they decreased by almost $15 compared to last year. But if in previous years, in the event of falling oil prices, the ruble's exchange rate against the dollar changed adequately, which allowed exporters to compensate for the low price and decrease in foreign exchange earnings, now the trend has been disrupted.
In addition to oil prices and the abnormally strong ruble, Alexey Gromov notes another important point: the government policy’s change in the field of fuel damper:
Yes, after the United States announced that they would put pressure on countries that buy Russian oil, India, or rather several state—owned Indian companies, stopped purchasing Russian oil. But now they have returned to these purchases.— At the beginning of the year, it was assumed that the fuel damper, which is traditionally paid to oil workers at the Russian oil refinery, would be almost the maximum in 2025. But now, by the end of this year, it is expected that it will be almost half less, taking into account the changed external conditions and, in general, the changed policy of the authorities in this regard.
By the end of the year, the drop in oil exports from Russia may be comparable to the drop in production. This is somewhere in the region of up to 5%, no more. On an annual basis, this is clearly not a key factor that affects the company's financial results. The key factor is the fall in oil prices, the strengthening of the ruble and a decrease in payments on the damper.
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