Russia to Benefit from $50 Billion Surge in Oil and Gas Prices

In 2021, Russia's revenue from oil and gas exports may surpass 2019 levels against the backdrop of rising prices for this type of fuel. This information was reported by TASS, referencing data from Fitch International Ratings Agency.

According to the report, Russia's budgetary and extra-budgetary oil and gas revenues could increase by nearly $50 billion compared to 2020. Dmitry Marinchenko, the Senior Director of Fitch's Natural Resources and Commodities group, stated that this is about $40 billion more than what could have been expected had macroeconomic parameters aligned with the forecasts made at the beginning of the year.

Overall, the oil and gas sector's contributions to this year’s budget revenues may total approximately $125 billion.