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Russia net oil revenue drops in August as Urals crude falls to $59
August net oil revenue totaled 326.2 billion rubles, about $3.76 billion, down 22% year over year.
Russia collected 326.2 billion rubles, or about $3.76 billion, in net oil revenue in August, according to OilPrice. The figure fell 22% from a year earlier and marked the lowest monthly total since February.
Russia’s tax authority calculated August oil revenues using a crude price of just over $59 per barrel. Urals, Russia’s main export grade, averaged almost $95 per barrel during the spring after the Iran war pushed buyers toward grades outside the Persian Gulf.
Total Russian oil and gas revenue fell 16% year over year in August to 424 billion rubles, OilPrice reported. Oil and gas provide roughly one-fifth of federal budget revenue, the outlet added.
OilPrice also said August oil receipts were more than 60% below July, which included a large scheduled payment from Russia’s profit-based tax on producers. The country also paid refiners more than 197 billion rubles in August to maintain domestic fuel supplies, while refinery subsidies have reached almost 916 billion rubles since January.
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