Med crude-Urals diffs stable, Russia’s oil and gas budget revenues double in October

Urals crude differentials to dated Brent were stable again on Friday, while Russia’s oil and gas budget revenues more than doubled in October, the state’s finance ministry showed.

Russia’s oil and gas revenues in October jumped to 1.635 trillion roubles ($17.63 billion) from 739.9 billion roubles in September, finance ministry data showed on Friday, thanks to a cyclical rise in profit-based tax.

Russia’s energy ministry said on Friday it expects the country’s exports of crude oil and petroleum products to fall in November by more than 300,000 barrels per day (bpd), compared to the average level in May-June.

NEWS

Nigeria’s state oil firm NNPC Ltd will supply the new 650,000 barrel-per-day Dangote oil refinery with up to six cargoes of crude oil in December to be used in test runs, three industry sources with knowledge of the matter said.

Leonid Mikhelson, the head of Russian natural gas producer Novatek NVTK.MM, said on Friday that U.S. sanctions against its future liquefied natural gas project Arctic LNG 2 were an “estimate of our professionalism”.
Source: Reuters (Reporting by Reuters; Editing by Shailesh Kuber)