Russia's oil revenues declined by 29% in October due to lower global oil prices and domestic subsidies, highlighting the country's increasing reliance on other revenue sources.
Lower oil prices and subsidies for domestic refiners resulted in a 29% annual plunge in Russia 's oil revenue s in October, Bloomberg's estimates based on official government data showed on Tuesday. In October, international oil prices and the price of Russia 's flagship crude, Urals , slumped compared to the same month of 2023. This eroded Russia n revenues as the price of the Urals grade averaged $63.57 a barrel, compared to $83.18 a barrel in October last year.
So, per Bloomberg's calculations, the Russian budget received last month a total of $10.8 billion 1.05 trillion Russian rubles from oil, down by 29% from a year earlier. Total budget proceeds from oil and natural gas combined also declined, by about 25% to $12.4 billion 1.21 trillion rubles.
Oil Revenue Oil Prices Urals Subsidies Budget Energy Economic Impact Geopolitical Tensions Energy Diversification
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