In the fourth quarter of 2021, the cost of exports of gas from Russia for the first time more than ten years exceeded the cost of oil exports – $ 20.8 billion vs. 18.5 billion. About this with reference to the assessment of the balance of payments of the country from the Central Bank writes “Interfax”.
Gas has become more important than oil against the background of an unprecedented rise in prices for it in Europe, which began in the fall of last year. On average, gas has become more expensive than the heating season of the heating season four times compared with the spring. In a quarterly expression, the volume of exports increased 1.6 times, while in oil and petroleum products growth was only one percent.
The situation was observed in the fourth quarter of 2008, when the volume of oil exports in monetary terms collapsed by 42 percent. Then the cause was the global financial crisis, which was reflected in the demand for petroleum products.
Following the fourth quarter of 2021, gas supplies abroad were provided by 14 percent of Russia’s export revenue, that is, every seventh dollar. In total, at the end of the year, the cost of gas exports increased 2.1 times (54.2 billion against $ 25.7 billion) compared with 2020, oil exports – by 52 percent, and oil products – by 51 percent.
Compared to 2019, last before the start of the pandemic, the volume of Russian exports in 2021 grew by 16.7 percent. For pipeline gas, the growth was 31 percent, liquefied natural gas – 4 percent, petroleum products – 3 percent. Exports of crude oil, on the contrary, fell by 10 percent. The cost of other exported goods has grown by 38 percent.
On the eve, it was reported that in the first 15 days of January, Gazprom exports to far abroad amounted to 5.4 billion cubic meters, which is 41.1 percent less than in the same period a year ago.