Russia’s oil and gas revenues are on track to double in April compared to the corresponding month in 2023, according to calculations by the Reuters agency.
As reported by Reuters, Russia’s oil and gas revenues in April will almost double year-on-year to $14 billion.
The increase in revenue results from the rise in oil and natural gas prices.
The war in Ukraine has prompted Western nations to impose multiple and harsh sanctions on Russia, aimed at curbing fossil fuel revenues, which account for nearly a third of the country’s federal budget.
Fury at Russia over US Ukraine aid approval: ‘Their supplies will burn’
Oil is moving upwards after the increase in tension in the Middle East – At 89 dollars a barrel
The sanctions include restrictions on Russian oil purchases, financial transactions and shipping, as well as a price ceiling of $60 a barrel.
April’s projected “jump” in Russia’s oil revenue is larger in percentage terms than the 30% increase expected for all of 2024.
Reuters: $14 billion in oil and gas revenue in April
According to Reuters, Russia’s projected oil and gas revenues in April amount to 1.292 trillion. rubles ($14 billion), from 648 billion rubles in April 2023, down slightly from 1.308 trillion. last month’s rubles.
Russia’s Finance Ministry will publish April data in early May.
Reuters calculations are based on data from industry sources and official statistics on oil and gas production, refining and supplies in domestic and international markets.
Russia’s budget deficit for the first three months of the year narrowed to 607 billion rubles, or 0.3% of gross domestic product (GDP), supported by a recovery in energy revenues.
For all of 2024, the government has budgeted federal revenue of $11.5 trillion. rubles from oil and gas sales, up 30% from 2023, reversing a 24% decline that year due to lower oil prices and sanctions-hit gas exports.
