Russia’s earnings from oil and natural gas more than doubled in October compared with the previous month, reaching 971.2 billion rubles, equivalent to approximately $11.9 billion, according to data released by the Finance Ministry.
The figures showed that energy revenues increased by 114.7% from September, when receipts stood at around $5.54 billion. In August, the country generated approximately $5.2 billion from these resources.
The significant increase was largely driven by rising international energy prices following disruptions to Middle Eastern supplies linked to the conflict involving Iran.
During October, Brent crude oil prices remained close to $115 per barrel. Meanwhile, Dutch TTF natural gas futures, Europe’s main benchmark, climbed above €103 per megawatt-hour toward the end of the month.
Additional pressure on global energy markets came from interruptions to shipments through the Strait of Hormuz, a critical international passage for crude oil and liquefied natural gas transportation.
The Finance Ministry reported that Russia collected approximately $13.76 billion through mineral extraction taxes and another $4.39 billion in additional income taxes during October. However, after accounting for payments to oil companies and other adjustments, net oil and gas revenues amounted to approximately $11.9 billion.
Despite the strong monthly recovery, the overall picture remained weaker compared with the previous year. Between January and October, Russia’s oil and gas income declined by 14.07% year-on-year, reaching approximately $78.91 billion.
Meanwhile, government compensation payments to domestic oil companies increased to around $5.08 billion in October, up from $3.74 billion in September.
The compensation system is designed to protect the domestic fuel market from international price fluctuations. Under this arrangement, the government reimburses oil companies when export prices exceed domestic market prices, helping maintain local fuel supplies and prevent sharp increases in consumer prices.
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