Oil and gas revenues of the Russian Federation in November will decrease by 1.6 times – Kommersant
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Russia’s oil and gas revenues in November 2023 will amount to approximately 1 trillion rubles, which is 1.6 times less than in October (1.63 trillion rubles), according to a Reuters forecast. In November 2022, the revenues of the oil and gas sector of the Russian Federation amounted to 0.87 trillion rubles.
As the agency notes, the decline in November revenues is facilitated by the fact that oil workers will not have to pay additional income tax (AIT) this month. It was the payment of additional tax for the third quarter that contributed to high oil and gas revenues in October.
In addition, budget revenues will decrease in November because oil refiners will receive damper subsidies (approximately RUB 125 billion) for October fuel supplies to the domestic market. There were no such payments in September and October, Reuters reports.
As the agency calculated, Russia’s actual oil and gas revenues for January-November could amount to 8.2 trillion rubles, which exceeds the expectations of the Russian authorities when forming the budget for 2023 (8.18 trillion rubles).
At the same time, oil and gas revenues in the current year remain behind the indicators for 2022. Based on the results of January-October, oil and gas revenues collected 7.21 trillion rubles, and this is 26% less than for the same period in 2022. The gap from last year’s schedule, however, is gradually decreasing – in September it was 34.5%.
Read more about the growth of oil and gas revenues in October in the material “The calendar helped oil and gas revenues”.
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