Russia’s oil revenues fall for second consecutive month – Bloomberg
Russia’s oil revenues have fallen for the second consecutive month, according to Bloomberg.
Key points from the article:
▫️ In November, Russian oil-related taxes generated 605.2 billion rubles ($5.8 billion) for the budget, down around 21% from the same period last year.
▫️ This decline follows a drop in oil prices due to concerns about a global oversupply.
▫️ Revenues from oil and gas sales in November, which account for nearly 76% of total oil sector revenues, fell by nearly 17% to 801.7 billion rubles.
▫️ The reduction in oil revenues may hinder the Kremlin’s ability to finance the war against Ukraine.
Also in October, the Russian government’s oil-related revenues dropped by 29% compared to the previous year. The Center has previously reported on a decline in demand for Russian oil, especially among major buyers in Asia, such as China and India.
This limits the Kremlin’s ability to finance its ongoing war against Ukraine.
