Russian oil and gas revenue is likely to fall nearly half in December compared to the same period last year, down to 410 billion rubles ($5.17 billion) due to falling crude oil prices and stronger rubles.
For the whole year, Russian oil and gas revenue is expected to fall nearly a quarter to 8.44 trillion rubles ($105 billion), lower than the Russian Finance Ministry's forecast of 8.65 trillion ($107 billion). This calculation is based on data from sources in the oil and gas industry and official statistics on production, oil refining and supply.
Russia reported its lowest monthly oil and gas revenue at 405 billion rubles ($5.06 billion) in August 2020, as oil prices fell sharply during the COVID-19 pandemic.
Oil and gas revenue is an important source of Russia's revenue, accounting for 1/4 of the total federal budget revenue. The decline has had a strong impact on Russia as it has sharply increased its defense and security spending since launching a military campaign in Ukraine in February 2022.
The Russian Finance Ministry initially expected to collect 10.94 trillion rubles ($137 billion) from oil and gas this year, but adjusted the forecast in October to include a decrease in global oil prices, due to concerns about supply.
In November, Russian oil prices in rubles fell 17.1% from October to 3,605 rubles/barrel ($45/barrel).
The Russian Finance Ministry will announce its estimated oil and gas revenue for December 2025 on January 14, 2026.
