Oil prices are lower than this time last year, and Russian revenues sank as well. Russia sinks or swims, on the price of oil. $50 Brent next year, would probably put them under.
OilPrice.com reports:
“Russia’s revenues from oil plunged by 21% in November compared to a year earlier as the international benchmark prices and the price of Russia’s flagship crude, Urals, fell last month amid concerns about global oil demand.
In November, for a second month in a row, Russia’s oil revenues slumped from the comparable month in 2023, according to Bloomberg’s estimates based on official government data released on Wednesday.
Russia has based its tax levies and calculations for November on an average price of the Urals grade of $64.72 per barrel, which was significantly down from the $81.69 per barrel used to calculate taxes a year ago.
As a result, the Kremlin pocketed last month $5.8 billion (605.2 billion Russian rubles) from oil-related taxes, down by 21% compared to November 2023.”
President Trump is going to drive the price of oil down.