“The plans that formed the basis of this year’s budget did not materialize. We had anticipated extracting 95 million tons of oil, but in reality, only 89.5 million tons were produced. This significant deviation has impacted the budget revenues,” noted the minister.
Additionally, the average oil price was initially projected at $80 per barrel; however, market volatility led to fluctuations in the figures: throughout the year, prices ranged from $71 to $83 per barrel.
Ta Kiev also pointed out that the downturn in the metals market and the lengthening of logistics routes for goods export adversely affected treasury inflows.
“Overall, all these factors resulted in the revenue side of the budget falling short of the planned targets,” the minister concluded.