Russia's oil revenues have declined significantly due to lower global oil prices, impacting the country's financial stability.
Russia 's revenues from oil plunged by 21% in November compared to a year earlier as the international benchmark prices and the price of Russia 's flagship crude, Urals, fell last month amid concerns about global oil demand. In November, for a second month in a row, Russia 's oil revenues slumped from the comparable month in 2023, according to Bloomberg's estimates based on official government data released on Wednesday.
October also saw a slump in Russian revenues. Lower oil prices and subsidies for domestic refiners resulted in a 29% annual plunge in Russia's oil revenues in October. The revenues from oil for the state were also impacted by the government subsidy paid to local refiners.
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