In September, Russia’s oil and gas revenues remained stable. The difference with last year’s monthly figures is decreasing, as Russian oil prices have recovered. Since the beginning of the year, total budget revenues for the oil and gas industry remain significantly higher than last year. In 10 months, revenue will exceed the figures for the entire previous year.
According to the Russian Ministry of Finance, in September the Russian budget received 771.9 billion rubles in oil and gas revenues. This is significantly lower than the figures for March, April and July, when revenues amounted to 1.1-1.3 trillion rubles, but then there were calendar payments of additional income tax (ATT).
World oil prices, to which Russian prices are tied, have also declined slightly. In August, North Sea Brent was trading below $80 per barrel, and in September, below $75.
Oil and gas revenues are otherwise stable. The main source remains the mineral extraction tax (MET) from oil – 848.3 billion rubles.
The monthly difference compared to last year has become negligible. 5% – until September. However, this is because since August 2023 Russian oil prices began to recover and discounting and shipping costs to new markets decreased.
Total oil and gas revenues for 2024 will remain significantly higher – almost 50%. If in January-September the budget received 8.36 trillion rubles, in eight months of 2023 – 5.58 trillion.
Experts previously noted EADaily that now oil and gas revenues will be more linked to global oil prices, which fell to $71 in the fall but rose to $75 on fears of a major war in the Middle East after Iran’s missile attack against Israel.
“The planned volume of additional oil and gas revenues from the federal budget is planned for October 2024 in the amount of 110.4 billion rubles,” – reports the Ministry of Finance of Russia.
