Russia's oil and gas revenue seen up 39% y/y in May thanks to Iran war

Russia's May oil and gas revenues are projected to rise 39% year on year to 700 billion roubles ($9.8 billion), boosted by a global oil price rally driven by the war in Iran. The increase is supportive for Russia's budget, where oil and gas receipts make up about one-fifth of total income. The article points to a geopolitically driven improvement in energy revenues with potential implications for oil markets and Russia's fiscal position.

Analysis

Russia's May oil and gas revenues are projected to rise 39% year on year to 700 billion roubles ($9.8 billion), boosted by a global oil price rally driven by the war in Iran. The increase is supportive for Russia's budget, where oil and gas receipts make up about one-fifth of total income. The article points to a geopolitically driven improvement in energy revenues with potential implications for oil markets and Russia's fiscal position.