Oil revenues down 75%

Figures from the country’s Federal Customs Service show that oil revenues in the period January-October dropped as much as 75 percent compared with the same period in 2014.

Russia in the period made a total of $76,738 billion on its sales of the black gold, Prime reports. In comparison, the country in all of 2014 made a total of $153,8 billion on its oil exports, figures from the Russian Central Bank show.

The drop comes amid an increase in export volumes. In the first ten months of the year, Russia exported 201,24 billion tons, a year-on-year increase of 7,63 percent.

Also Russian gas exports is suffering from the lower prices. According to Tass, the country’s gas export revenues in the period January-September 2015 declined by $12.8 billion to $31.3 billion.

Gas export volumes in period dropped 2.9 percent year-on-year, the news agency informs

Russia produces a significant share of its oil and gas in remote northern territories. In the Komi Republic and the Nenets Autonomous Okrug, the two oil producing regions in the country’s Northwest, oil production in 2014 amounted to 14,2 million tons and 13,5 million tons, figures from Patchwork Barents show.