Russia's oil export revenues have sharply declined: experts state the reason.
Low oil export revenues impact the Russian budget
In April, Russia's oil export revenues fell to their lowest level in nearly two years amid declining global oil prices due to weak demand. According to the International Energy Agency (IEA), last month the country's revenues from crude oil and petroleum products amounted to $13.2 billion - the lowest figure since June 2023.
The decline in revenues is linked to a further decrease in the average weighted price of Russian oil, which dropped to $55.6 per barrel in April. This was reported by Bloomberg, citing the IEA. Prices for Russian oil followed international trends due to increasing trade uncertainty.
The increase in oil supplies from Iran, the impact of U.S. tariff policy, and reduced demand in China led to price reductions. Russia's budget deficit grew in April, indicating financial difficulties amid low oil prices and expenses for military operations in Ukraine.
Read also
- Rising Prices of Basic Products: What is Happening to Sugar and Salt Prices in June
- Injured soldiers are entitled to financial assistance from the state: details
- Sprats without fish and canned food without meat: Ukrainians explained how to distinguish counterfeit canned goods in stores
- First heat, then rain with cooling: forecaster Didenko warned about the weather 'swings' of the week
- Ukraine switches to 230 volts: will electricity bills rise and will the wiring withstand it
- Drivers shown new gas station prices: where refueling has become unprofitable
