INTERNATIONAL MARITIME : Russian oil and gas revenue is expected to double in April 2024

Russian oil and gas revenue will increase to $14 billion in April, double the same period last year, according to Reuters calculations.

Reuters calculations show that Russia's expected oil and gas revenue in April is 1,292 trillion rubles (about 14 billion USD), double the level of 648 billion rubles in April 2023. This level is considered a slight decrease compared to the figure of 1,308 trillion rubles collected last month.

Reuters provides data based on industry sources, as well as official statistics on oil and gas production, oil refining and oil and gas supply in domestic and international markets. The Russian Ministry of Finance plans to announce April revenue figures early next month.

Oil and gas sales are very important to the Russian economy, in the context of the US and its Western allies imposing many sanctions on Moscow because of the war in Ukraine. These measures include restrictions on oil purchases from Russia, Moscow's financial and shipping activities, as well as a price ceiling of $60 per barrel.

Russia also needs this important source of money to pay for the war in Ukraine after more than two years of outbreak and with no signs of ending. Oil and gas revenues account for about one-third of the federal budget.

Russia's budget deficit in the first 3 months of this year decreased to 607 billion rubles, equivalent to 0.3% of GDP, thanks to the recovery of energy revenues. Russia targets federal revenue from oil and gas sales this year at 11.5 trillion rubles (about $124 billion), up 30% from the level set for 2023.