• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 15 hours The United States produced more crude oil than any nation, at any time.
  • 2 hours China deletes leaked stats showing plunging birth rate for 2023
  • 1 day The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Bad news for e-cars keeps coming
Oil Prices Set for Third Weekly Loss in a Row

Oil Prices Set for Third Weekly Loss in a Row

OPEC+'s potential supply increases have…

What Does OPEC’s Strategy Shift Mean for the Oil Market?

What Does OPEC’s Strategy Shift Mean for the Oil Market?

OPEC+ changes course, announcing plans…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Reuters Estimates: Russian Oil and Gas Revenue to Double in April

  • Reuters: This month, Russia is expected to pocket $14 billion from oil & gas.
  • Russia’s oil and gas revenues slumped by 23.9% last year compared to 2022.
  • Reuters estimates that Russia’s revenues from oil and gas for 2024 would be 30% higher compared to 2023.
Rosneft oilfield

Higher oil prices are expected to double Russia’s oil and gas revenues in April compared to the same month last year, according to Reuters calculations based on data from industry sources and official statistics on oil and gas production and supply.  

This month, Russia is expected to pocket $14 billion (1.292 trillion Russian rubles) from oil and gas, according to the estimates. That’s double compared to the $7 billion (648 billion rubles) Russia received from oil and gas in April last year.

This month’s Russian oil and gas revenues are set to slightly drop from $14.15 billion (1.308 trillion rubles) in March 2024, according to the Reuters calculations.

Russia’s oil and gas revenues slumped by 23.9% last year compared to 2022 as lower oil prices and reduced pipeline gas exports weighed on budget income from fossil fuels, Russian Finance Ministry data showed in early January. The decline was the result of lower oil prices compared to 2022, lower prices for Russia’s flagship crude grade Urals in early 2023, and lower natural gas prices and exports, the Russian finance ministry said at the time.

Reuters estimates that Russia’s revenues from oil and gas for 2024 would be 30% higher compared to 2023.

The billions of U.S. dollars still flowing to Russia’s budget highlight the difficulties the West sees in the attempts to stifle Putin’s revenues to use in the war in Ukraine.

Banned in the West, Russian crude finds buyers in China and India, while Russian LNG – not sanctioned by the EU or the U.S. – is arriving at European ports, which have increased the intake of LNG cargoes in the past two years, including from Russian LNG export facilities.

The EU is uncertain how to handle LNG imports from Russia in the short term.

Meanwhile, Russia was estimated to have exported the highest level of oil from its ports in 11 months in the week to April 14, as export terminals likely shipped more crude that couldn’t be processed at refineries knocked offline by Ukrainian drone attacks, tanker-tracking data monitored by Bloomberg showed last week.

By Charles Kennedy for Oilprice.com


More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Mamdouh Salameh on April 24 2024 said:
    Oil and gas exporters always expect their oil and gas export revenues to vary from time to time depending on the level of prices. Russia is no exception.

    But what is absolutely exceptional is that despite the most unprecedented and harshest Western sanctions in history, Russia isn't only enhancing its energy export revenues but its economy is also in a far better shape that the economies of those who imposed sanctions against it.

    According to the IMF Russia's economy is projected to grow this year at 3.2% compared with 2.0%-2.5% for the United States and 0.8% for the EU.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News