Russia Slashes Energy Revenue Forecast by 24% as Oil Prices Dip

Russia expects 24% lower revenues from oil and gas this year compared to earlier estimates, following the oil price crash that began in early April and sank the price of its flagship Urals crude close to the $50 per barrel mark. Russia now sees its oil and gas revenues at about $101.7 billion (8.32 trillion Russian rubles) for 2025, according to the finance ministry’s latest update. That’s lower than the $133.7 billion (10.9 trillion rubles) expected earlier. Oil and gas income – a key pillar of Russia’s budget revenues…