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Russia: Oil and gas revenues increased in 2024 compared to 2023

Russian budget revenues from oil and gas increased by 73.5% in the January-May period of 2024 compared to the first five months of 2023, according to Russian Finance Ministry data released on Monday.

Between January and May 2024, revenue for the Russian federal budget from oil and gas reached $55.7 billion (4.95 trillion Russian rubles), according to data reported by the Russian news agency TASS .

“In line with the parameters of the socio-economic outlook, a constant surplus of oil and gas revenues compared to the baseline level is expected in the coming months as well,” TASS said, citing a statement from the Ministry.

Non-oil and gas revenue also increased, up 34% in January-May 2024 compared to the same period last year.

Russian oil revenues have risen in recent months from year-earlier levels, as Moscow increasingly finds ways to circumvent sanctions and find buyers willing to risk buying its crude and refined oil products.

In April 2024, for example, Russia's oil and gas revenue reached $13.5 billion (1.23 trillion Russian rubles), according to data from the Russian Finance Ministry, published early in May. The Kremlin received almost double the oil revenue for the budget compared to the same month of 2023.

The weaker Russian ruble and the higher price of Russia's flagship Ural crude amid higher oil prices internationally have contributed to increased revenue from oil-related taxes and all total oil and gas sales, according to Bloomberg estimates .

The doubling of oil revenues for Russia highlights Western countries' difficulties in reducing Putin's oil revenues, despite Russia's oil price cap and increased sanctions enforcement in recent months.

Then in May 2024, Russia's oil revenues increased by almost 50% compared to a year ago, as Moscow continues to manage to circumvent sanctions and obtain a higher price for its crude.

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The article Russia: Oil and gas revenues increased in 2024 compared to 2023 comes from Economic Scenarios .

This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/russia-le-entrate-per-petrolio-e-gas-sono-aumentate-nel-2024-rispetto-a-al-2023/ on Mon, 10 Jun 2024 18:54:29 +0000.