[REVISION HISTORY]
Russian oil and gas revenue fluctuations
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2026-10-29 04:32 UTC → 2026-11-05 13:27 UTC ·
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In September 2026, Russian oil and gas revenues decreased by 22 percent compared to the previous year, totaling approximately 5.43 billion dollars. This decline was driven by increased subsidies for domestic refineries—rising from 2.37 billion dollars in August to 3.67 billion dollars in September—and refineries and reports that Ukrainian drone attacks had disabled over half of Russia’s refining capacity. Over the first three quarters of 2026, total oil and gas revenues amounted to roughly 65.64 billion dollars, a 17.2 percent decrease compared to the same period in 2025. By October 2026, oil and gas tax revenues were projected to increase by 10 percent year-on-year to approximately 11.97 billion dollars (1 trillion roubles). dollars. This projected rise is attributed to quarterly payments of an additional profit-based tax on oil production. Even excluding this specific tax, October revenue was estimated to exceed September levels by approximately 36 percent. While rising global oil prices, driven by Middle East supply disruptions, provide a boost, the impact may be partially offset supported by a projected 5 percent decline spike in production during the third quarter of 2026 compared to the previous year. By late October, the ruble-based price of Russian oil used for tax calculations exceeded federal budget expectations by approximately 60 percent. energy prices, with Brent crude reaching around 115 dollars per barrel. During the first three weeks of the month, October, the revenue price of crude oil averaged approximately 8,699 rubles (103.4 dollars) per barrel, an 11 percent increase over September. exceeding federal budget expectations by approximately 60 percent. If current rates remain remained stable, the October tax calculation price is was projected to be at 8,387 rubles (100.2 dollars) per barrel, the highest value since March 2022. Despite these higher revenues, Russia anticipates the October surge, where net revenues more than doubled to approximately 11.9 billion dollars, year-to-date revenues from January to October recorded a 2026 14.07 percent decline compared to the previous year, totaling roughly 78.91 billion dollars. To address the budget deficit of deficit, which is anticipated to reach 3 percent of GDP, nearly double GDP in 2026, the initial target. Kremlin is considering tax hikes on mining companies and wealthy citizens. Meanwhile, maritime oil exports reached a five-week high of 3.65 million barrels per day in early November following a temporary lull in attacks on refineries.
Versions
- 2026-11-05 13:27 UTC Russian oil and gas revenue fluctuations
- 2026-10-29 04:32 UTC Russian oil and gas revenue fluctuations
- 2026-10-22 15:03 UTC Russian oil and gas revenue fluctuations
- 2026-10-15 14:46 UTC Russian oil and gas revenue fluctuations
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