Russia’s forecast April revenues from oil and gas will reach 1.292 trillion rubles, up from 648 billion rubles in April 2023.
Russia’s oil and gas revenues nearly doubled year-over-year in April to $14 billion thanks to rising prices. This was reported by Reuters on Wednesday, April 24.
The expected April increase in Russian oil revenues, as a percentage, exceeded the 30% increase expected for all of 2024.
Reuters calculations show Russia’s expected oil and gas revenue in April will be 1.292 trillion rubles ($14 billion), up from 648 billion rubles in April 2023 and slightly lower than 1.308 trillion rubles last month.
The calculations are based on data from industry sources and official statistics on production, refining and supply of oil and gas in domestic and international markets.
Overall, for 2024, the Russian government has budgeted federal revenues in the amount of 11.5 trillion rubles from the sale of oil and gas, which is 30% more than in 2023, and will compensate for the 24% decrease last year due to lower oil prices and affected by gas export sanctions.
As is known, after the start of the full-scale war of the Russian Federation against Ukraine, the West introduced many sanctions aimed at limiting Russia’s revenues from oil and gas, which make up almost a third of the federal budget of country. The measures also include restrictions on Russian oil purchases, financial transactions, and a price cap of $60 per barrel.
Let’s remember that Russia quickly repaired some of the major oil refineries that were hit by Ukrainian drones.
Since the beginning of the year, more than 13 Russian refineries have been attacked. The drone attack led to the biggest weekly increase in oil prices of the year.
Source: korrespondent
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