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. Last Updated: 07/27/2016

Oil Slump Slashes 1998 Revenues

The global slump in oil prices has hit Russia hard, slashing nearly 30 percent from the country's revenue from crude oil exports in 1998 despite a 10 percent increase in production, statistics released Tuesday by the customs service showed.

Russia's oil exports for the first 11 months of 1998 were worth 29.7 percent less than in the same period in 1997, while exports for the period totalled 116.43 million tons of oil, a 10 percent increase on the same period in 1997.

Because of the drastically reduced oil prices, revenue from Russian oil sales dropped by $3.76 billion in 1997.

Revenue had reached $8.89 billion in 1997.

To compensate for the price fall, oil companies are expected to announce that in 1998, oil production increased to a record level of 295-300 million tons.