Reuters projects 60% surge in Russia's July oil and gas revenue
Russia's oil and gas revenue is expected to increase by 60% in July compared to last year, according to Reuters calculations, driven by higher global oil prices and a sharp rise in profit tax receipts from oil extraction.
According to Reuters calculations, Russia's oil and gas revenue in July is projected to jump 60% year-on-year. The increase is mainly driven by rising global oil prices. A significant contribution also came from a sharp rise in second-quarter receipts from the profit tax on oil extraction, Reuters reported.
Russia's Finance Ministry is scheduled to release its July estimates on August 5, 2026. For 2026, federal budget revenue from the oil and gas sector is forecast at 8.9 trillion rubles, with total budget revenue expected at 40.3 trillion rubles. In 2025, oil and gas budget revenue fell 24% to 8.48 trillion rubles, the lowest figure since 2020.
