According to Reuters calculations released on Tuesday, Russia’s oil and gas revenues are expected to surge by 49% year-on-year, reaching 8.3 trillion rubles (equivalent to $89.4 billion) from January to September. This increase is driven by rising oil prices and a weakened ruble.
Oil and gas revenues are a critical source of income for the Kremlin, contributing between one-third and one-half of the total federal budget over the past decade.
Preliminary estimates indicate that Russia’s oil and gas revenues in September reached 779 billion rubles, marking a 5% increase compared to the same month in 2023 and remaining unchanged from August 2024. The Russian Ministry of Finance is expected to release the official data for September on October 3.
The state treasury benefited from an increase in the average price of Russia’s Urals crude oil, which rose to $69.88 per barrel during the first eight months of this year, up from $56.61 per barrel during the same period in 2023.
For the entire year of 2024, the Russian government has set a budget target of 10.7 trillion rubles in federal revenues from oil and gas sales, a 21% increase from 2023. The previous year’s revenues were reduced by 24% due to weaker oil prices and a decline in gas exports.
