Russia’s Oil Revenues Plunged By 48% In February

I’ve read elsewhere that Russian infrastructure for oil/gas is falling to pieces as all the Western contractors who ran the upkeep went home. That plus Russia just mothballed Nordstream last week. I don’t see that pipeline put to any use as long as Russia is inside Ukraine.

Russia’s Oil Revenues Plunged By 48% In February

Russian natural gas revenues also plummeted last month compared to February 2022, when Russia invaded Ukraine. Natural gas revenues slumped by 42% as Russia cut off gas supplies to a number of EU customers after the invasion.

The plunge in the price of the flagship Russian crude grade, Urals, was the key reason for the lower revenues for the country for both January and February this year.

Russia’s budget was $23.3 billion (1.76 trillion rubles) into deficit in January, compared to a surplus for January 2022, as state revenues from oil and gas plunged by 46.4% due to the low price of Urals and lower natural gas exports, the Russian Finance Ministry said last month. Russia’s budget revenues from oil and gas plunged in January by 46% compared to the same month last year due to the sanctions on Russian oil exports, which led to a slump in the price of Russia’s flagship crude grade.

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