2024-09-24 19:14:55
Russia’s oil and gas revenues are expected to rise 49% year-on-year in the January-September period to 8.3 trillion rubles ($89.4 billion) thanks to higher prices and a weaker ruble, according to with the calculations made and presented today by Reuters.
Oil and gas revenues have become the most important source for the Kremlin, accounting for about a third to a half of total federal budget revenue over the past decade.
Preliminary estimates forecast Russia’s oil and gas revenues in September to reach 779 billion rubles, up 5 percent from the same month in 2023 and unchanged from August 2024.
Russia’s Finance Ministry is expected to release September data on October 3.
Increase in the average price of Russian oil
The funds have been boosted by a rise in the average price of Russian Ural crude to $69.88 a barrel on average in the first eight months of the year, from $56.61 in the same period in 2023.
For 2024 as a whole, the government has estimated revenues in the federal budget from oil and gas sales at 10.7 trillion rubles, up 22 percent from 2023, when weaker oil prices and a drop in natural gas exports curbed revenue by 24%.
This 2024 target was revised down from initial plans for revenues of 11.5 trillion rubles.
Russia has significantly increased defense and security spending since launching its invasion of Ukraine in February 2022, leading to two consecutive annual deficits that exceeded 3 trillion rubles, or about 2% of GDP.
Source: AMPE