Russia's oil and gas revenues in October hit their highest level since April 2022 as oil prices rose.
The Russian Ministry of Finance said yesterday, Friday, that the revenue from taxes on oil and gas in the budget rose by about 28% last month compared to last year, reaching 1.63 trillion rubles ($17.6 billion).
Duties on crude oil and petroleum products—which accounted for nearly 91% of total hydrocarbon revenues last month—more than doubled.
Russia's oil and gas industries provide a major source of revenue for the country's budget amid increased military spending to finance the Kremlin's war in Ukraine, and the wages of public sector workers ahead of the presidential elections scheduled for March.
In recent months, Moscow has benefited from the rise in global oil prices, driven in part by supply restrictions imposed by the OPEC+ alliance led by Saudi Arabia and Russia. This, in turn, raised the price of Russian crude above the ceiling set by the Group of Seven countries, while narrowing the discount on the global benchmark Brent crude.
According to the Ministry of Finance, the main oil export mix of Russia's Urals crude exceeded the G7 price ceiling for the fourth consecutive month in October, trading at $81.52 per barrel at a discount to Brent crude by $9.57.
