Russiaʼs oil revenues fell to a six-month low in August, with net budget revenues from oil production estimated at $3.76 billion in August. This is about 22% less than in the same month in 2025.
Bloomberg writes about this.
Bloomberg calculations based on data from the Russian Finance Ministry show that this is the lowest figure since February. At the same time, expectations that the war between Iran and the United States in the Middle East will end have led to a decline in the price of Russian Urals.
In August, the average monthly price of Urals reached $59 per barrel, compared to nearly $95 in the spring. Russian oil revenues have also been squeezed by payments to Russian refineries to support fuel supplies to the domestic market. Journalists have estimated that Russia has paid refineries about $10.6 billion in fuel subsidies since the beginning of the year.
- Russia’s oil revenues are also falling amid Ukraine’s attacks on refineries. In August, Ukrainian military forces attacked Russian refineries at least 21 times. According to Energy Aspects, Russian refineries processed an average of 3.8 million barrels of oil per day in August — significantly less than the 5.3–5.5 million barrels per day in the same period in previous years.
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