Energy
Russia Oil Revenue Falls by a Third on Weak Crude, Strong Ruble
On a month-to-month basis, oil revenue almost halved, reflecting the fact that one of Russia’s main oil taxes — a profit-based levy — is paid four times a year in March, April, July and October.
Photographer: Andrey Rudakov/BloombergThe Russian government’s oil proceeds shrank by almost a third in November from a year ago as weaker crude prices and a stronger currency took their toll on revenues.
Oil-related taxes declined by 32% to 413.7 billion rubles ($5.3 billion) last month, according to Bloomberg calculations based on finance ministry data published Wednesday. Combined oil and gas revenue fell by 34% to 530.9 billion rubles.