Russia’s oil and gas revenues rose by 15% in September as higher oil prices boosted its extraction tax and export duties.
Start Trading CFDs Over 2,200 Different InstrumentsStart Trading CFDs Over 2,200 Different Instruments2 days5 daysOil Tensions Mount As Iraq Contradicts Turkey's Export Claims
Rising oil prices in September led to higher budget proceeds from the so-called mineral extraction tax, according to the data.The decline was due to lower natural gas sales with most of Europe cut off from Russian gas, the price caps on Russian crude, the discounts at which Russia’s oil is being sold to Asian buyers, and the lower international oil prices so far this year compared to last year’s highs when prices hit $100 per barrel following the Russian invasion of Ukraine.
Still, the average price in the first nine months of 2023 was much lower than the average for the January-September 2022 period, $80.58 per barrel.Last week, reports emerged that tightening global crude supply and rising international prices raised the price at which Russia’s crude is being sold to India to aboutof $60.
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