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.
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