Russia's Oil Revenue Plummets as Urals Crude Falls Below $60
Source Summary
Russia collected 326.2 billion rubles ($3.76 billion) in net oil revenue in August, a 22% decline year-over-year and the lowest monthly total since February. The Russian tax authority calculated August revenues using a Urals crude price of just over $59 per barrel, down from nearly $95 per barrel in spring. Total Russian oil and gas revenue fell 16% year-over-year in August to 424 billion rubles.
Why it matters
Russia's sharp decline in oil revenue reflects the collapse in crude prices from spring peaks and directly reduces government fiscal resources during geopolitical tensions.
