Latest news with #oilrevenue
Yahoo
21-07-2025
- Business
- Yahoo
Argo's May 2025 Oil Production
Toronto, Ontario--(Newsfile Corp. - July 21, 2025) - Argo Gold Inc's. (CSE: ARQ) (OTC Pink: ARBTF) (XFRA: A2ASDS) (XSTU: A2ASDS) (XBER: A2ASDS) ("Argo" or the "Company") May 2025 oil production was a total of 2,725 barrels for the month, averaging 88 barrels per day. Oil prices averaged CDN $61.50 per barrel and Argo's May oil revenue was $167,534 and net operating cash flow was $84,600. May 2025 Oil Production Argo's interest Argo's Oil Revenue Argo's net operating cash flow Lindbergh 1(37.5% interest) 91 bbl/day 34 bbl/day $65,101 $34,490 Lloyd 1(18.75% interest) 91 bbl/day 17 bbl/day $33,938 $13,212 Lindbergh 2(37.5% interest) 50 bbl/day 19 bbl/day $35,914 $16,829 Lloyd 2(23.077% interest) 12 bbl/day 3 bbl/day $4,335 $559 Lindbergh 3(18.75% interest) 79 bbl/day 15 bbl/day $28,246 $15,509 May 2025 Total 88 bbl/day $167,534 $84,600 About Argo Gold Argo Gold is a Canadian mineral exploration and development company, and an oil producer. Information on Argo Gold can be obtained from SEDAR at and on Argo Gold's website at Argo Gold is listed on the Canadian Securities Exchange ( CSE: ARQ as well as OTC: ARBTF and XFRA, XSTU, XBER: A2ASDS. Judy Baker, CEO(416) 786-7860jbaker@ NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. To view the source version of this press release, please visit
Bloomberg
03-07-2025
- Business
- Bloomberg
Crude's Drop, Strong Ruble Cut Russian Oil Revenue to 2-Year Low
Russia's oil revenue in June slumped to a two-year low as global crude prices fell and the ruble strengthened, meaning each barrel brought fewer rubles to the Kremlin. Proceeds from the oil industry shrank by almost 30% to 415.6 billion rubles ($5.27 billion), according to Bloomberg calculations based on Finance Ministry data published Thursday. That's the lowest since June 2023.
Zawya
10-06-2025
- Business
- Zawya
Russian budget deficit for January-May was 1.5% of GDP
Russia ran a budget deficit of 3.4 trillion roubles ($43.3 billion), or 1.5% of gross domestic product, for the first five months of the year, the finance ministry said on Tuesday, citing preliminary data. The budget shortfall is almost five times as wide as the same period of 2024, when Russia ran a deficit of 0.4% of GDP, or 730.4 billion roubles. The ministry said the deficit was mainly caused by advance payments to finance budget spending in January and a decrease in oil and gas revenues. Spending in the first five months of the year was 20.7% higher than in the same period of 2024, the ministry's data showed. Revenues for the period were 3.1% higher than a year ago. ($1 = 78.5000 roubles) (Reporting by Darya Korsunskaya; Writing by Alexander Marrow; Editing by Mark Trevelyan)
Reuters
02-06-2025
- Business
- Reuters
Venezuela ramps ups taxes on private sector as Chevron oil exit bites
June 2 (Reuters) - Venezuela's government is increasing taxes and public service charges on the private sector to compensate for declining oil revenue after tighter U.S. sanctions, according to business leaders and analysts, who predict the measures will hinder already struggling private enterprise. Washington in February canceled key licenses for a handful of partners and customers of state oil company PDVSA ( including Chevron (CVX.N), opens new tab, that had allowed them to export Venezuelan oil under U.S. sanction exemptions. It also imposed secondary tariffs on Venezuela's oil buyers. Analysts estimate these actions could reduce the OPEC member's oil income, which was around $15 billion in 2024, by approximately 30%. This anticipated revenue loss has led the government to demand advance tax payments, conduct more audits, levy significant fines, and permit local authorities and public service providers to raise their fees, said a dozen businesspeople. These measures add pressure to a private sector grappling with years of economic crisis, high inflation, and currency controls. Neither the communications ministry, finance ministry nor tax agency responded to requests for comment. President Nicolas Maduro, who in April decreed an economic emergency that allows him to erase tax exemptions, had already asked officials in January to double tax income from $5.2 billion last year. Officials are heeding the call - tax revenues rose by about a fifth in the first quarter. Maduro's government has always rejected U.S. sanctions, referring to them as an "economic war". Businesspeople have held meetings with the government in a bid to have some taxes revised, three sources said, but to no avail. A May survey by the industrial guild Conindustria, which represents producers of food, chemicals, plastics and textiles, found that 77% of businesspeople identified the tax burden as the primary obstacle to their operations. About 60% of those surveyed plan little to no increase in production in the coming months. "Whatever additional tax is paid will come from the working capital," said Luigi Pisella, president of Conindustria. He added that the tax base must be expanded to avoid concentrating the burden on existing businesses. "Those who manage a bit of growth will be those who can manage this adverse environment," said one industrialist, who asked not to be named. Ruling party lawmaker Jose Vielma cheered the increased tax collection. "With higher tax take it has been possible to alleviate difficult economic moments," Vielma told Reuters. "We must thank the private sector, which has made a sufficient contribution." Analysts put it more bluntly. "Taxes are a lifesaver for the government," said Luis Barcenas, an economist at Venezuelan firm Ecoanalitica. The firm estimates the tax take could be as much as $13 billion this year and that companies are devoting half their earnings to tax payments. The Conindustria survey showed larger businesses do not expect to increase jobs, while medium-sized companies said they could reduce headcount by about 1%. "When you don't have working capital, you stop creating jobs," said one businessperson. Some sources, especially from the retail sector, said they are closing stores with lower sales. "When a customer pays for a product, they are paying for a good portion of the taxes that the merchant is giving to the state," said a businessman from central Venezuela, saying municipal taxes are also weighing heavily on prices. Local manufacturers tend to have factories in more than one municipality, meaning they are often liable to more local taxation than the few remaining international companies in Venezuela, who import products or have limited factories in-country. "For companies with local production the impact is even more critical," said the director of a foreign company, who asked not to be named. Outage-prone public services were heavily subsidized when oil income was generous, but prices have more than doubled in the year to March, according to the Venezuelan Finance Observatory. Inflation, which ended last year at 48%, is expected to reach 200% by the close of 2025.
Reuters
29-05-2025
- Business
- Reuters
Saudi Arabia to 'take stock' of spending priorities after oil revenue drop, FT reports
May 29 (Reuters) - Saudi Arabia's Finance Minister Mohammed Al-Jadaan said the kingdom would "take stock" of its spending priorities in response to a significant decline in oil revenue, the Financial Times reported on Thursday. Riyadh plans to maintain its current pace of government spending despite facing widening budget and current account deficits, as well as rising debt levels, the FT said, citing an interview with the minister. Jadaan told the newspaper that he would not be concerned about the deficit widening to 3%, 4%, or "occasionally" 5% of GDP as long as government spending supported non-oil growth — a key target under the kingdom's diversification strategy. Jadaan said Saudi Arabia aimed to avoid the "trap of booms and busts" by pursuing countercyclical policies and prioritising growth over short-term fiscal balance, the report added. Saudi Arabia has been ramping up oil refining operations to capitalise on strong margins, helping offset revenue lost to weaker crude prices and exports. While crude prices are likely to remain at current levels or even lower for most of the year given the surge in supplies and demand uncertainty, the increased refining operations offer Riyadh an effective tool to manage oil price volatility and to better withstand a protracted price war.
