Russia's Oil, Gas Revenues Surge 115 Percent to USD11.9B in October
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MENAFNThe figures showed a significant increase from September's approximately $5.54 billion, while revenues in August stood at around $5.2 billion.
The sharp rise coincided with a surge in global energy prices, driven by disruptions to Middle Eastern supplies amid the Iran war.
Brent crude traded at approximately $115 per barrel throughout October, while Dutch TTF natural gas futures, Europe's benchmark, exceeded €103 ($115.7) per megawatt-hour toward the end of the month.
Additional pressure on energy markets came from disruptions to shipments through the Strait of Hormuz, a critical passage for international crude oil and liquefied natural gas supplies.
The Finance Ministry reported that Russia generated approximately $13.76 billion from mineral extraction taxes and another $4.39 billion through additional income taxes in October.
However, net oil and gas revenues amounted to around $11.9 billion after accounting for payments to oil companies and other adjustments.
Despite the substantial month-on-month recovery, the country's energy revenues remained below last year's levels. Between January and October, oil and gas income fell 14.07% year-on-year to approximately $78.91 billion.
Meanwhile, federal budget payments to oil companies through a fuel price stabilization mechanism increased to roughly $5.08 billion in October, up from $3.74 billion a month earlier.
The mechanism compensates oil companies through federal budget transfers when petroleum product export prices exceed domestic market prices. It is intended to safeguard domestic fuel supplies and curb increases in prices for consumers.
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