Russia's January-September oil and gas export earnings are expected to rise 49 percent year-on-year to 8.3 trillion rubles ($89.4 billion) on higher prices of oil and the weaker ruble, according to data from Reuters' preliminary forecasts issued today, writes BTA.
Oil and gas revenues are Moscow's most important financial resource, accounting for a third to a half of total federal budget revenue over the past decade.
Preliminary estimates forecast Russia's oil and gas revenue in September to reach 779 billion rubles, up 5 percent from the same month in 2023 and unchanged from August 2024.
Russia's Finance Ministry is expected to release September data on October 3.
Russia's state budget was boosted by the rise in the price of Russian Urals oil to $69.88 per barrel on average in the first eight months of the year, compared to $56.61 in the same period in 2023.
For 2024, the government projects revenues of 10.7 trillion rubles from oil and gas sales, up 21 percent from 2023, when weaker oil prices and a drop in gas exports reduced revenue by 24 percent.
This 2024 target has been revised down from initial plans of 11.5 trillion rubles.
Russia has significantly increased defense and security spending since it launched its invasion of Ukraine in February 2022, leading to two consecutive annual deficits exceeding 3 trillion rubles, which is about 2 percent of the country's GDP.< /p>