Russia's oil and gas revenue to rise by 49% y/y in Jan - Sept - Reuters forecast
MOSCOW, Sept 24 (Reuters) - Russia's oil and gas revenue in January to September is set to rise by 49% year on year to 8.3 trillion roubles ($89.4 billion) thanks to higher oil prices and a weaker rouble, Reuters calculations showed on Tuesday.
Oil and gas revenue has been the most important source of cash for the Kremlin, accounting for about a third to a half of total federal budget proceeds over the past decade.
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Preliminary estimates project Russia's September oil and gas revenue at 779 billion roubles, up 5% from the same month in 2023 and unchanged from August 2024.
Russia's Finance Ministry is due to publish the September data on Oct. 3.
The coffers have been boosted by a rise in the average price of Russia's Urals oil grade to $69.88 a barrel on average in the first eight months of the year, up from $56.61 in the same period in 2023.
For 2024 as a whole, the government budgeted for federal revenue of 10.7 trillion roubles from oil and gas sales, up 21% from 2023, when weaker oil prices and a fall in gas exports reduced the revenue by 24%.
That 2024 target was revised down from initial plans for 11.5 trillion roubles.
Russia has heavily increased defence and security spending since launching its invasion of Ukraine, what it calls its special military operation, in February 2022, leading to two consecutive annual deficits exceeding 3 trillion roubles, about 2% of GDP.
($1 = 92.8955 roubles)
(Reporting by Reuters; editing by David Evans)