Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » ‘Russia’s oil and gas revenues set to rise 14% in September’

    ‘Russia’s oil and gas revenues set to rise 14% in September’

    September 19, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Russia emerges as the top oil supplier to India

    Moscow — Russia’s oil and gas revenues, which account for around a third of total federal budget proceeds, are set to rise to around 733 billion roubles ($7.6 billion) in September, up 14% from the previous month, Reuters calculations showed on Tuesday.

    The corresponding figure in September 2022 was 688 billion roubles.

    The rise reflects a 24% month-on-month increase to 1.1 trillion roubles in proceeds from a mineral extraction tax, according to the calculations, based on data from industry sources and official statistics on oil and gas production, refining and supplies on domestic and international markets.

    Net revenues are smaller than gross tax receipts because of reverse payments including a “damping mechanism” that subsidises companies to keep supplying the domestic market when fuel export prices are high.

    The budget is expected to return some 278 billion roubles to refineries under the damping mechanism in September, according to Reuters calculations.

    Proceeds from oil and gas sales are crucial for Russia’s commodity-oriented economy and for the financing of what it calls its “special military operation” in Ukraine.

    The finance ministry is due to publish its data on budget revenues from oil and gas in early October.

    The ministry projects these revenues this year to decline by 23% to 8.94 trillion roubles, while the budget deficit is seen at almost 3 trillion roubles, or 2% of gross domestic product.

    ($1 = 96.4850 roubles)

    *Mark Trevelyan – Reuters

    Related News

    Oil prices rally as United States sanctions on Venezuela ease supply worries

    Oil prices drop nearly 6% as Israel-Iran ceasefire reduces Middle East supply risk

    Oil prices tumble following Trump touted Iran-Israel ceasefire

    Tinubu support for Dangote’s plan to reshape downstream sector

    E-book
    Resilience Exhibition

    Latest News

    Oil prices drop nearly 6% as Israel-Iran ceasefire reduces Middle East supply risk

    June 24, 2025

    Edun meets downstream leaders to deepen energy reforms & drive investment in CNG

    June 24, 2025

    NDDC eyes Cross River for IOCs-driven infrastructure partnership push

    June 24, 2025

    Nigeria targets 10,000 jobs, skills transfer in $400m minerals processing plant

    June 24, 2025

    RMDB meets stakeholders, unveils ambitious maritime development blueprint

    June 24, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.