Russian Oil Export Revenues Hit Five-Month High in October
Russia earned nearly $21.2 billion from oil and petroleum exports in October as Middle East hostilities drove up global crude prices.
The International Energy Agency reported that Russia's oil and petroleum-product export revenues reached a five-month high in October, totaling nearly $21.2 billion. This figure represents a 65% increase from the previous year, primarily driven by Urals and ESPO crude blends exceeding $100 per barrel.
Global price surges resulted from Middle East hostilities, including Houthi strikes on Saudi energy infrastructure and attacks on tankers in the Strait of Hormuz. These disruptions increased demand for Russian barrels that bypass the strait to reach markets in China and India. While crude exports remained flat at 5.33 million barrels per day, petroleum-product exports fell by approximately one-third year-on-year.
This decline in refined products followed Ukrainian drone attacks on refineries in Omsk and Kirishi. Despite the revenue spike, the Federal Government of Russia faces a strained budget due to the invasion of Ukraine, with a projected full-year deficit of 3.2% of GDP. Meanwhile, U.S. President Donald Trump called for calm to lower fuel prices ahead of midterm elections.
