Submitted by Julianne Geiger of OilPrice.com
Russia collected 326.2 billion rubles, or about $3.76 billion, in net oil revenue in August, down 22% from a year earlier and the lowest monthly total since February.
Russia’s tax authority calculated August oil revenues using a crude price of just over $59 per barrel. Urals, Russia’s main export grade, averaged almost $95 per barrel during the spring after the Iran war pushed buyers toward barrels outside the Persian Gulf.
Total Russian oil and gas revenue fell 16% year over year in August to 424 billion rubles. Oil and gas provide roughly one-fifth of federal budget revenue.
August oil receipts were more than 60% below July, which included a large scheduled payment from Russia’s profit-based tax on producers.
Moscow also paid refiners more than 197 billion rubles in August to maintain domestic fuel supplies. Refinery subsidies have reached almost 916 billion rubles since January.
Ukrainian drone strikes have repeatedly disrupted Russian refineries this year. Russia responded with restrictions on gasoline and diesel exports and increased fuel imports as domestic supplies tightened.
The refinery outages have also reduced Russia’s ability to absorb its own crude production. Every barrel that canno
