Russia's Oil and Gas Revenue Surges 39% in May Amid Iran Conflict-Driven Oil Price Rise

GateNews
According to Reuters, Russia's state oil and gas revenues are estimated to reach 700 billion rubles (approximately $9.8 billion) in May, up 39% year-over-year, driven by global oil price increases stemming from the Iran conflict. The revenues represent about one-fifth of total budget income. However, revenues are expected to decline roughly 17% month-over-month in May due to cyclical profit-based tax effects, and budgeted oil and gas subsidies to refineries will further reduce net fiscal intake.
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