• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 6 days The United States produced more crude oil than any nation, at any time.
  • 5 days How Far Have We Really Gotten With Alternative Energy
  • 2 hours e-truck insanity
  • 3 days Bad news for e-cars keeps coming
  • 5 days China deletes leaked stats showing plunging birth rate for 2023
  • 6 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
Ageing Coal Plants Pave the Way for Renewable Revolution

Ageing Coal Plants Pave the Way for Renewable Revolution

Solar energy profitability is allowing…

Spending By World Nuclear Powers Soared To $91.4 Billion in 2023

Spending By World Nuclear Powers Soared To $91.4 Billion in 2023

Global nuclear defense spending reached…

Russian’s Oil and Gas Revenues Dip by 24% in 2023

Russia’s oil and gas revenues slumped by 23.9% last year compared to 2022 as lower oil prices and reduced pipeline gas exports weighed on budget income from fossil fuels, Russian Finance Ministry data showed on Thursday.

Russian revenues from oil and gas fell to $99.3 billion (8.822 trillion Russian rubles) in 2023, down by 23.9% on the year. The decline was the result of lower oil prices compared to 2022, lower prices for Russia’s flagship crude grade Urals in early 2023, and lower natural gas prices and exports, the Russian finance ministry said in its preliminary estimate on the 2023 budget performance.   

Earlier this week, the ministry said that the average price of Urals was $62.99 per barrel in 2023, compared to $76.09 a barrel in 2022.  

In December, the price of Urals averaged $64.23 per barrel, higher than the $50.47 a barrel average price in December 2022, the data showed. 

The price of Urals exceeded the Western cap of $60 per barrel in the late summer of 2023 when international benchmarks rose. The price cap of $60 a barrel was set by the G7 and the EU if Russian crude sold to third countries uses Western insurance and shipping.

Yet, the lower average price of Russian crude in 2023 compared to 2022 weighed on Moscow’s budget revenues last year.

Reduced natural gas exports via pipelines to Europe also weighed on budget revenues.  

Gazprom’s pipeline natural gas exports to Europe slumped by 55.6% in 2023, after Russia cut off supplies to several EU countries and Nord Stream was blown up in the Baltic Sea at the end of 2022.


Russia’s daily gas volumes via pipeline to Europe plummeted to 77.6 million cubic meters in 2023 from 174.8 million cubic meters in 2022, according to estimates by Reuters based on data from European gas transmission group Entsog and Gazprom’s daily reports on transit via Ukraine.  

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News