OMM Newsroom
Russia’s oil and natural gas revenues more than doubled in October from the previous month, reaching 971.2 billion rubles ($11.9 billion), Finance Ministry data showed, Anadolu Agency reported.
The figure was about 114.7% higher than September’s approximately $5.54 billion. Revenues in August stood at $5.2 billion.
The increase came as energy prices rose amid disruptions to Middle Eastern supplies linked to the Iran war. Brent crude traded at around $115 a barrel in October, while Dutch TTF natural gas futures, Europe’s benchmark, were above €103 ($115.7) per megawatt-hour in late October.
Disruptions to shipments through the Strait of Hormuz, a major route for global crude oil and liquefied natural gas trade, also added pressure to energy markets.
Russia collected approximately $13.76 billion in mineral extraction tax and $4.39 billion in additional income tax during October, according to the ministry. Net oil and gas revenues amounted to around $11.9 billion after payments to oil companies and other offsets.
Despite the monthly increase, oil and gas revenues fell 14.07% year on year in the January-October period, to approximately $78.91 billion.
Government payments to oil companies under a mechanism aimed at stabilizing domestic fuel prices rose to approximately $5.08 billion in October, from $3.74 billion in September.
The mechanism provides compensation from the federal budget when export prices for petroleum products exceed domestic prices. It is intended to help maintain fuel supplies in the domestic market and limit price increases.
