Russia’s oil and gas revenues increased by 61.6% in seven months

By Paul Jouvenet, essayist and consultant in international affairs. Eurasia Business News, August 5, 2024. Article n°1135.

In January-July, the volume of oil and gas revenues in Russia increased to 6.777 trillion rubles, follows from statistics on the website of the Russian Ministry of Finance. This is a 61.6% growth compared to the same period last year.

According to the results of the past seven months, taxes on the production and export of oil and gas condensate brought the Russian federal budget 7.944 trillion rubles, the AIT collections increased the most — by 2.2 times, to 1.539 trillion rubles.

According to the results of six months, oil and gas revenues amounted to 5.698 trillion rubles, showing an increase of 68.5% year-on-year. The Russian Ministry of Finance justified this by rising prices for Russian oil.

In June, Russia’s oil-related tax revenues increased by almost 50% year-on-year, reaching 590.6 billion roubles ($6.7 billion).

The projected volume of Russian oil production for the whole of 2024, agreed with OPEC, should be 505-515 million tons, which is 3-5% less than in 2023.

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© Copyright 2024 – Eurasia Business News. Article No. 1135.