Russia’s Oil Revenues Plunged 29% in October as Crude Prices Fell

Lower oil prices and subsidies for domestic refiners resulted in a 29% annual plunge in Russia’s oil revenues in October, Bloomberg’s estimates based on official government data showed on Tuesday. In October, international oil prices and the price of Russia’s flagship crude, Urals, slumped compared to the same month of 2023. This eroded Russian revenues as the price of the Urals grade averaged $63.57 a barrel, compared to $83.18 a barrel in October last year. The revenues from oil for the state were also impacted by the government…