The Soviet Union's oil exports dropped sharply in volume and ruble value last year.
Crude and products deliveries to Communist and non Communist countries fell to 3.694 million b/d from 4.104 million b/d in 1988. Last year's oil export volume was the lowest since 1985's 3.334 million b/d.
Included in Soviet 1989 oil exports were 2.546 million b/d of crude and 1.148 million b/d of petroleum products.
It received 18.635 billion rubles from its 1989 oil exports. That was down from 19.708 billion rubles in 1988 and the smallest revenue from foreign crude and products sales since 1980.
GAS EXPORTS
An increase in value of Soviet gas exports from 5.837 billion rubles in 1988 to 6.128 billion rubles last year fell far short of offsetting the revenue decline from oil sales.
The U.S.S.R. again omitted data on foreign gas sales volume in 1989. It is believed, however, that the Soviets exported about 3.57 tcf of gas last year vs. 3.07 tcf in 1988.
Last year's gas export volume set a record for the U.S.S.R. But revenues were less than the 6.382 billion rubles reported for 1987 and the peak income from foreign gas sales of 7.695 billion rubles in 1985.
Soviet export revenues from sales of all fuel and electricity declined from 52.7% of total exports in 1985 to 42.1% in 1988 and 39.9% last year. Crude, petroleum products, natural gas, and forest products represented about two thirds of the value of Russian 1989 exports to developed capitalist countries.
In volume, the U.S.S.R. exported nearly 21% of its 1989 crude production, 12.7% of its gas output, and 18.6% of its diesel fuel.
IMPORTS, TRADE BALANCE
While the Soviets did not report their volume of crude imports last year, indications are that they were down substantially from the 435,000 b/d estimated for 1988.
The U.S.S.R.'s overall trade deficit last year was a record 3.3 billion rubles. In 1988, the Soviet Union had a favorable trade balance of 2.1 billion rubles.
Trade with the U.S. jumped from 2.1 billion rubles in 1988 to nearly 3.4 billion rubles in 1989. Most of the increase came from a hike in imports of American goods from 1.77 billion rubles in 1988 to 2.87 billion rubles last year.
The U.S. accounted for 2.4% of the Soviet Union's trade turnover in 1989 vs. 1.6% in 1988 and only 0.9% in 1987.
Copyright 1990 Oil & Gas Journal. All Rights Reserved.
