International: Russia records significant increase in Oil and Gas revenues
Revenues from the oil and gas industry in Russia have seen a remarkable increase over the first five months of the year, according to recently released statistics from the Russian Ministry of Finance. Between January and May, these revenues increased by 73.5% compared to the same period last year, reaching a total of 4.951 billion rubles (approximately 55.5 million dollars).
This significant growth is attributed to the increase in Russian oil prices. Oil and gas revenues have exceeded their baseline level, and the Ministry of Finance anticipates a continued surplus in revenues in the coming months.
However, despite this positive trend, adjustments are planned for 2024. Due to changes in social and economic development forecasts, the Russian government is planning a slight reduction in estimates for additional revenues from the oil and gas sector.
Meanwhile, non-oil and gas revenues have also seen a notable increase, rising by 34.1% to reach a total of 9.34 trillion rubles (approximately 104.8 million dollars). These revenues come from various sources other than the energy industry.
This development in Russian budgetary revenues reflects both the fluctuations in the global energy market and the government’s efforts to diversify its sources of income.
