All news

Finance Ministry expects Russia’s oil and gas revenues to grow by around 30% in 2024

The document also stated that, taking into consideration exchange rate dynamics and tax legislation revisions, the percentage of oil and gas income in 2024 is estimated to be 6.4% of total GDP

MOSCOW, September 28. /TASS/. Oil and gas revenues of the Russian federal budget may increase in 2024 by almost 30% compared to 2023 - from 8.86 trillion rubles ($91.6 bln) to 11.5 trillion rubles ($118.9 bln), according to the Main Directions of Budget, Tax, and Customs Tariff Policy for 2024 and the planning period of 2025 and 2026.

In 2025, the ministry expects a further increase in oil and gas revenues to 11.8 trillion rubles ($121.97 bln), and in 2026 - a decline to 11.4 trillion rubles ($117.8 bln).

The document also stated that, taking into consideration exchange rate dynamics and tax legislation revisions, the percentage of oil and gas income in 2024 is estimated to be 6.4% of total GDP, up from 5.3% in 2023. At the same time, the Ministry of Finance anticipates that by 2026, the share of oil and gas earnings in GDP will fall to 5.6% due to price stabilization and a rise in the share of oil output from preferential tax treatment fields.