In May 2026, Russia’s revenue from oil and gas is anticipated to increase by nearly 40% compared to May 2025, reaching approximately 700 billion rubles, according to calculations by Reuters.
This surge is attributed to rising global oil prices, driven by the ongoing conflict in Iran and the crisis in the Strait of Hormuz. Oil and gas revenues contribute about 20% of Russia’s total budget income.
However, when compared to April figures, revenues are expected to decline by around 17%. This decrease is linked to the timing of tax payments and an increase in subsidies for oil refiners.
Despite the projected growth in May, the overall oil and gas revenues for the first five months of 2026 are estimated to have decreased by roughly one-third compared to the same period last year, amounting to about three trillion rubles.
In 2025, Russia’s oil and gas revenues fell by 24%, totaling 8.5 trillion rubles, marking the lowest level since 2020.
Russia's oil and gas revenue is expected to rise significantly in May 2026, driven by geopolitical factors, despite a decline in overall revenue for the year. The fluctuations highlight the volatility of energy markets amid ongoing conflicts.
Source: Reuters