Russia’s oil and gas revenue jumps 32% to $9.3 billion in May as Middle East tensions fuel crude rally – Firstpost

Russia’s oil and gas tax revenue surged 32.4 per cent year-on-year in May to 678.9 billion roubles ($9.3 billion), supported by a sharp rise in global crude prices triggered by escalating tensions in the Middle East, according to data released by the country’s Finance Ministry.

Energy revenue remains one of the most crucial pillars of Moscow’s finances, accounting for nearly a fifth of total budget income. The latest increase comes as higher crude prices provided a boost to Russia, one of the world’s largest oil producers and exporters.

However, despite the annual jump, oil and gas revenue fell 20.7 per cent compared with April, when the government received additional profit-based tax payments that are collected periodically.

The rally in global crude prices has strengthened Russia’s energy earnings at a time when the Kremlin faces elevated spending pressures due to continued defence and security expenditures following the start of its military campaign in Ukraine in February 2022.

For the January-May period, Russia’s oil and gas revenue stood at nearly 3 trillion roubles, marking a decline of around 30 per cent compared with the same period last year, highlighting continued pressure on the country’s energy-dependent finances.

The Russian government’s 2026 budget estimates oil and gas revenue at 8.92 trillion roubles, while total budget revenue is projected at 40.283 trillion roubles.
In 2025, Russia’s federal oil and gas revenue had dropped 24 per cent to 8.48 trillion roubles, its weakest level since 2020, as energy markets faced price volatility and shifting global trade dynamics.

Russia remains the world’s third-largest oil producer after the United States and Saudi Arabia, making fluctuations in global crude markets a major driver of its fiscal outlook.