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Russian oil income drops despite high prices
Despite oil prices reaching their highest level in over a decade, Russia's revenues from the oil and gas sector decreased by 17% in the first nine months of the year, totaling 5.47 trillion rubles (approximately $64.43 billion). This decline is due to disruptions in production activities and export chains caused by the Ukrainian war, as well as the appreciation of the ruble, which reduced tax revenues denominated in the local currency. Meanwhile, the price of Russian Urals crude surpassed $92 per barrel at the end of September—twice the pre-crisis level—yet security concerns and reduced shipping operations have led to lowered expectations for production and exports this year, with oil output dropping to its lowest level in 17 years, impacting government revenues.
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