Russia's oil revenues in the state budget fell to the lowest level since June 2023 last month due to a decline in global crude oil prices. According to calculations by Bloomberg, based on data from the Ministry of Finance published on Wednesday, oil-related taxes fell by 32% last month compared to the previous year, amounting to 430.4 billion rubles.
Several factors are putting pressure on prices: OPEC+ is increasing production, and Donald Trump's trade policy is increasing uncertainty and cooling demand.
The average price of Urals in April was only $54.76 and for the second consecutive month remained below the G7 cap of $60. At the same time, the ruble strengthened by almost 10%. This reduces export revenues, which particularly irritates "Rosneft": Igor Sechin criticized the Central Bank at the end of May for a policy that, in his opinion, leads to a decrease in ruble prices for oil.
Oil and gas are the foundation of Russia's state finances, providing about a third of tax revenues. Due to falling oil prices, the government revised its budget forecast and more than tripled the target budget deficit.