A sharp decline in global oil prices in April has driven Russia’s oil export revenues to their lowest level in nearly two years, according to the International Energy Agency (IEA).
In its latest Oil Market Report, the IEA said Russia earned just $13.2 billion from oil exports in April, marking the lowest monthly figure since June 2023. This drop coincided with a roughly $10 per barrel fall in international benchmark prices, which also dragged down the value of Russian crude grades.
Russian oil prices averaged $55.64 per barrel in April, with all major export grades falling below the $60-per-barrel price cap imposed by Western nations as part of sanctions against Moscow.
Last week, the Russian Finance Ministry confirmed the downturn, reporting that budget revenues from oil and gas dropped by 12% year-on-year, reaching $13.57 billion (1.09 trillion rubles) in April, compared to $15.3 billion (1.23 trillion rubles) in the same month last year.
For the first four months of 2025, oil and gas revenues declined by 10.3% to $46 billion (3.73 trillion rubles), underscoring the financial pressure caused by falling energy prices.
Earlier this month, Moscow revised its annual oil and gas revenue forecast downward by 24%, citing the ongoing price collapse that pushed its flagship Urals crude close to $50 per barrel.
As a result, the expected contribution of oil and gas revenues to Russia’s GDP was reduced to 3.7%, down from 5.1% prior to April’s price drop. The Finance Ministry also tripled its projected 2025 budget deficit to 1.7% of GDP, up from the previously forecast 0.5%, reflecting the growing fiscal strain.
