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Russia’s oil and gas revenues down 26.3% in January-October — finance ministry

The ministry added that "the monthly dynamics of oil and gas revenues remained at a level much higher than their base amount (8 trillion rubles per year)"

MOSCOW, November 7. /TASS/. Russia’s oil and gas federal budget revenues decreased by 26.3% in January-October 2023 year-on-year to 7.21 trillion rubles ($78 bln), according to data released by the Finance Ministry.

"Oil and gas revenues amounted to 7.21 trillion rubles, down by 26.3% year-on-year, which is related to last year’s high comparison base, a decline in Urals price quotations at the beginning of the year, a drop in prices and the contraction of natural gas export volumes," according to the ministry.

Meanwhile, "the monthly dynamics of oil and gas revenues remained at a level much higher than their base amount (8 trillion rubles per year)," the ministry said, adding that in October 2023 Russia's oil and gas revenues surpassed last year’s level by more than 27%.

Non-oil and gas revenues of Russia's federal budget increased by 28.7% in January-October 2023 year-on-year to 15.896 trillion rubles ($173 bln), according to data released.

"Non-oil and gas revenues of the federal budget amounted to 15.896 trillion rubles, up by 28.7% year-on-year. The dynamics of major non-oil and gas revenues received by the federal budget remains stably positive, including compared with 2021 (as the least exposed to statistical base effects)," the ministry said.

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