Commodities
Russia’s Oil and Gas Revenue Hit 18-Month High in October
- Budget proceeds from the fuels jumped 28% on annual basis
- Urals crude has soared above price cap set by G-7 countries
In recent months, Moscow has benefited from rising global oil prices, driven in part by supply curbs from the OPEC+ alliance led by Saudi Arabia and Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Russia’s oil and gas revenue soared in October to the highest since April 2022 due to high oil prices and a pause in government subsidies to refiners.
Budget proceeds from taxes on oil and gas rose by almost 28% last month from a year ago, to 1.63 trillion rubles ($17.6 billion), the Finance Ministry said Friday. Levies on crude and petroleum products — which accounted for almost 91% of total hydrocarbon revenues last month — more than doubled.