US EditionRussia’s Oil and Gas Revenues Set to Plunge by 35% in November
- On Monday, Reuters calculations show Russia's oil and gas revenues will slump 35% this month, with Russia's budget expected to receive $6.63 billion.
- On November 17, the US Treasury said U.S. sanctions on Rosneft and Lukoil are reducing Moscow's oil revenues, and this month the Urals discount has widened, pressuring prices and volumes.
- This month the Urals discount averaged $23.52 a barrel as major exporters Rosneft and Lukoil faced intensified pressure, while Urals crude loading at Novorossiysk fell to $36.61 last week.
- Energy revenues fund the Kremlin's largest budget items, and the U.S. Treasury's Office of Foreign Assets Control said last week sanctions on Rosneft and Lukoil are dampening Russian oil and gas revenues, reducing Moscow's ability to finance the war in Ukraine.
- Last month Russia's Finance Ministry cut its oil-and-gas revenue target, citing lower prices and a firmer ruble that reduced export receipts in ruble terms.
20 Articles
20 Articles
Russia’s oil and gas revenues expected to plummet
Russia’s oil and gas revenues this month are expected to fall 35% year-on-year, yet another blow to its war economy. Falling oil prices and a strengthening ruble are behind the decline in the Kremlin’s largest income stream, which provides a quarter of the federal budget, Reuters reported. Despite sanctions, Russia’s economy has grown, fueled mainly by military spending on the Ukraine war, but that appears to be leveling off. Russian firms are s…
Russian oil and gas revenues could fall by 35% in November towards the same period last year, reaching 520 billion rubles (about 5.7 billion euros), reports Reuters.
Russia’s November Oil and Gas Revenues Seen Down 35%, Missing Budget Targets
Russia’s oil and gas revenue is expected to drop by around 35% in November from a year earlier, reaching roughly $6.6 billion, as weaker crude prices and a stronger ruble cut into Moscow’s main source of budget income, Reuters reported on November 24. Based on official tax formulas and market data, November oil and gas receipts, which account for approximately a quarter of Russia’s federal budget, are also expected to decline by 7.4% from Octobe…
Russia’s Oil and Gas Revenues Set to Plunge by 35% in November
Russian oil and gas revenues are poised to slump by 35% this month from a year earlier as the price of Russia’s crude has plunged and the local currency strengthened. Russia’s budget is expected to receive $6.63 billion (520 Russian billion rubles) from oil and gas in November, a decline of 35% compared to the same month of 2024, Reuters calculations showed on Monday. Oil and gas revenues make up the single largest budget income item for the R…
For the Kremlin, the oil and gas business is extremely important, mainly for the maintenance of the war against Ukraine. Compared to the previous year, however, revenues are declining enormously. This month, the collapse is particularly severe.
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