Reuters: Russiaʼs oil revenues to fall by a third in November

Russiaʼs state revenues from oil and gas will fall by 35% in November compared to November 2024, to 520 billion rubles ($6.59 billion). The reasons are falling oil prices and a strengthening ruble.

This is evidenced by calculations by Reuters.

Compared to October, revenues will decrease by 7.4%, excluding income tax.

In just the first 11 months of the year, profits, according to journalists, will decrease by 22% — to 8 trillion rubles ($101.4 billion).

According to Reuters calculations, the price of Russian oil for tax purposes fell to $57.3 per barrel between January and November. Last year, the price was $68.3 per barrel during the same period.

At the same time, the ruble strengthened to 81.1 per dollar compared to 91.7 in the period from January to November 2024.

The Russian Finance Ministry will publish its estimates on December 3. The agency initially planned to earn 10.94 trillion rubles from oil and gas sales this year, but due to the drop in oil prices last month, it lowered the forecast to 8.65 trillion rubles.

Last year, Russiaʼs oil and gas revenues amounted to 11.13 trillion rubles.

• Oil is one of the weakest points of the Russian economy: energy revenues account for approximately 30% of all federal revenues that finance the war.
• In 2022, the G7, as well as Australia and the EU, imposed price caps on Russian oil, setting a maximum price of $60 per barrel. And in July 2025, the EU lowered the price cap on Russian crude oil for the second time, now to $47.6 per barrel. Russia has formed a shadow fleet to circumvent these restrictions. Sanctions are regularly imposed against it.

For more news and in-depth stories from Ukraine, please follow us on X.