• Upstream
  • Pipelines & Transport
  • Downstream
Friday, October 24, 2025
Oil&Gas Advancement
OFFSHORE ENERGY
  • Home
  • News
    Khor-Mor-Gas-Field-in-Iraq

    Khor Mor Gas Field in Iraq to Increase Its Output by 50%

    Oil And Gas Discovery in Orange Basin

    Oil and Gas Discovery in Orange Basin Offshore Namibia

    Oil and Gas Needs More Investment

    OPEC+ Stresses that Oil and Gas Needs More Investment

    Rosebank Oil Field Project

    Equinor Makes Fresh Case to Drill Rosebank Oil Field Project

    Predictable Oil Gas Supply from Norway

    Oil Giants Prefer Predictable Oil & Gas Supply from Norway

    Offshore Oil and Gas

    $4bn Offshore Oil-And-Gas Project Launched in Qatar

    Petroleum Industry of Serbia

    U.S. Puts Sanctions on the Petroleum Industry of Serbia

    27 Stake by QatarEnergy

    27% Stake by QatarEnergy in North Cleopatra Offshore Egypt

    Oil and Gas Permission

    Oil And Gas Permission Still on During US Shutdown

  • Projects
    Khor-Mor-Gas-Field-in-Iraq

    Khor Mor Gas Field in Iraq to Increase Its Output by 50%

    27 Stake by QatarEnergy

    27% Stake by QatarEnergy in North Cleopatra Offshore Egypt

    Tamboran to acquire Falcon Oil Gas

    Tamboran to Acquire Falcon Oil & Gas in Australia

    Subsea Production Systems

    TechnipFMC Gets Petrobras Subsea Production Systems Deal

    Oil and Gas Exploration

    Egypt Signs 3 Deals worth Over $121M for Oil and Gas Exploration

    13bn Worth Iraq Project

    QatarEnergy, TotalEnergies Partner $13bn Worth Iraq Project

    25 Billion LNG Project

    McDermott Gets Key Contract for $25 Billion LNG Project

    4bn New Israeli Gas Offtake Contracts

    Energean Lands $4bn New Israeli Gas Offtake Contracts

    LNG Procurement and Trading

    Singapore-China Apply Cap on LNG Procurement and Trading

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    Cloudera and Aramco Plan to Collaborate on AI driven Digital Innovation in Saudi Arabia

    Cloudera and Aramco Plan to Collaborate on AI-driven Digital Innovation in Saudi Arabia

    Youth-Empowerment at Namibia Oil and Gas Conference 2025

    Namibia Oil and Gas Conference 2025 Announces Future Generations Masterclass in Partnership with the Namibia Youth Energy Forum

    Alaska LNG

    Glenfarne Announces Over $115 Billion of Strategic Partner Interest for Alaska LNG

    agreements with US companies

    Aramco announces 34 MoUs and agreements with US companies

    Sinopec Sets New Vertical Well Depth

    Sinopec Sets New Vertical Well Depth Record of 5,300 Meters

    Jubail Asset Integrity

    Jubail to Host the 3rd Asset Integrity and Process Safety Conference & Exhibition 2025

    IPTC 2025 Launched: Driving Innovation, Sustainability, and Excellence in Energy

    Ocean Business announces exhibitor list for 2025 show

    Ocean Business 2025 conference programme announced

  • Market Reports
    LongTerm Interests of Russia Saudi Arabia

    OPEC+ Key to Long-Term Interests of Russia, Saudi Arabia

    Oil and Gas Permission

    Oil And Gas Permission Still on During US Shutdown

    AI Technology Maturing the Oil and Gas Workforce

    AI & Technology Maturing the Oil and Gas Workforce

    HDPE Market in Oil and Gas

    HDPE Market in Oil and Gas: Trends and Global Forecast

    Top 5 Oil and Gas Sector Trends that are Active in 2025

    Oil-and-Gas-Analytics

    Oil and Gas Analytics Market Growth Trends and Forecast

    Gas-Transportation

    Transport Capacity – Key to Gas Sector Growth in India

    Offshore-Drilling

    Namibia Showcases its Offshore Drilling Activities

    Global-Oil

    Demand for Global Oil to Grow to Almost 104 mb/d in 2025

  • Events
  • Contact Us
No Result
View All Result
Oil&Gas Advancement
No Result
View All Result
Home Downstream

With A Budget Boost, Russian Oil & Gas Earnings See A Jump

in Downstream, News
Share on FacebookShare on Twitter

It is well to be noted that Russia’s oil and gas revenue jumped over 80% in February from a year earlier to more than $10 billion because of higher prices for the nation’s crude as its producers went ahead and withstood Western sanctions.

Notably, the budget proceeds from taxes on oil and gas valued at 945.6 billion rubles ($10.4 billion) in February 2024, said the Finance Ministry. Levies on crude as well as petroleum products that accounted for 84% of overall hydrocarbon revenues got more than doubled, as per the Bloomberg calculations based on the data.

The oil taxes happened to be calculated using the average price of Urals, which is Russia’s main export blend, of $65 a barrel. That’s above from less than $50 a year ago.

Russia’s oil and gas sectors go ahead and offer a key source of revenue for the nation’s coffers, which have been under quite some pressure from the rising military costs of the Ukraine war. The Kremlin has also been surging its payments to public-sector workers as Vladimir Putin looks at a fifth presidential term in the elections in March, which he is all set to win.

So as to curb Russia’s oil revenues, Western nations-imposed sanctions that further pushed the price of Urals to less than $50 a barrel in February 2023.

Back then, the European Union had banned most seaborne imports of crude as well as petroleum products from Russia, with the Group of Seven nations imposing a $60-a-barrel price cap on the country’s oil cargoes.

While buyers from other nations have been free to buy Russian barrels at a much higher price, they are not allowed to use Western services such as insurance as well as shipping for those supplies.

Moscow has gone on to limit the impact of the price cap by ensuring a massive shadow fleet of tankers as well as working with non-Western buyers, intermediaries, and also service providers.

But the US and its allies have since November tightened their monitoring of price-cap compliance, thereby imposing sanctions on numerous vessels and traders for going ahead and violating the restrictions. The tougher stance has gone on to widen Urals’s discount to the Brent benchmark.

However, to shield cash flows from the budget, Russia has gone on to activate a so-called price floor mechanism, thereby ordering producers to pay taxes based on an artificial $15-a-barrel discount for Urals to Brent. The budget went over to receive the money in February 2024. The actual discount on which producers sold their Urals cargoes happened to average more than $18 at Russian ports in January 2024, as per data from Argus Media Ltd.

Since 2019, Russia has gradually gone on to decrease the export duties on crude as well as oil products and fully abolish them in 2024. At the same time, authorities have raised the oil-extraction tax so as to compensate for the shortfall in export-duty revenues. As a result, Russia’s revenue coming from the oil-production tax hit its highest level in the last two years.

Russia happened to pay 127.9 billion rubles in subsidies to its oil processors in February 2024 for domestic sales of diesel as well as gasoline, the ministry’s data show. The payments, which usually dent oil revenue, have gone on to partially compensate the refiners for the gap between motor fuel prices across the local market and overseas.

Previous Post

QatarEnergy enters new exploration block offshore South Africa

Next Post

Options To Step Up Gas Exports From Russia To China Sought

Related Posts

Khor-Mor-Gas-Field-in-Iraq
News

Khor Mor Gas Field in Iraq to Increase Its Output by 50%

October 24, 2025
Oil And Gas Discovery in Orange Basin
News

Oil and Gas Discovery in Orange Basin Offshore Namibia

October 24, 2025
Oil and Gas Needs More Investment
Middle East & South Asia

OPEC+ Stresses that Oil and Gas Needs More Investment

October 24, 2025
Rosebank Oil Field Project
News

Equinor Makes Fresh Case to Drill Rosebank Oil Field Project

October 17, 2025
Predictable Oil Gas Supply from Norway
News

Oil Giants Prefer Predictable Oil & Gas Supply from Norway

October 17, 2025
Offshore Oil and Gas
News

$4bn Offshore Oil-And-Gas Project Launched in Qatar

October 15, 2025
Next Post
Russian Oil Exports To China Rose 22%, Second Only To Saudi

Options To Step Up Gas Exports From Russia To China Sought

LatestNews

Oil And Gas Discovery in Orange Basin
News

Oil and Gas Discovery in Orange Basin Offshore Namibia

October 24, 2025
Oil and Gas Needs More Investment
Middle East & South Asia

OPEC+ Stresses that Oil and Gas Needs More Investment

October 24, 2025
Rosebank Oil Field Project
News

Equinor Makes Fresh Case to Drill Rosebank Oil Field Project

October 17, 2025
Predictable Oil Gas Supply from Norway
News

Oil Giants Prefer Predictable Oil & Gas Supply from Norway

October 17, 2025
Offshore Oil and Gas
News

$4bn Offshore Oil-And-Gas Project Launched in Qatar

October 15, 2025
Petroleum Industry of Serbia
Downstream

U.S. Puts Sanctions on the Petroleum Industry of Serbia

October 13, 2025
Tashkent Uzbekistan 2026

About Us

Oil & Gas Advancement is a specialized platform delivering latest news and industry insights for the global oil and gas sector. Featuring market intelligence, expert opinions, events and updates, it serves as a trusted and strategic resource for industry stakeholders navigating energy transitions.

Subscribe Us

Resources

  • Advertise with us
  • Contact Us
  • Newsletter Archive
  • Download Mediapack

System

  • Search
  • Site Map
  • RSS Feed
  • Upstream
  • Pipelines & Transport
  • Downstream

© 2025 Copyright Valuemediaservices 2025 All rights reserved.

No Result
View All Result
  • Home
  • News
  • Projects
  • Whitepapers
  • Press Releases
  • Market Reports
  • Events
  • Contact Us

© 2025 Copyright Valuemediaservices 2025 All rights reserved.