_Nabil_
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This isn’t news since the revenues of oil producers the world over respond to rising or declining crude oil prices. Russia is no exception.
Russia’s Oil Revenues Drop To The Lowest Level This Year | OilPrice.com
In September, Russia’s oil revenues fell to the lowest level this year due to lower oil prices and declining exportsoilprice.com
The war will soon be very expensive when the oil and gas revenues plummet for russia….
But the remarkable thing about Russia’s oil and petroleum products exports is that despite the harshest ever sanctions and embargoes imposed on a country, Russian oil and products exports fell only to 7.5 million barrels a day (mbd) in September from 8.0 mbd prior to the Ukraine conflict.
The important thing is that Russia’s annualized oil revenues in 2022 are estimated at $301.13 bn based on an average Brent crude price of $110 a barrel compared with $201.48 bn in 2021 based on an average price of $69 or 50% higher.
Dr Mamdouh G Salameh
International Oil Economist
Global Energy Expert