Russia's Oil Revenue Sinks As Urals Falls To $59

Russia’s net oil revenue fell sharply in August as the Urals benchmark dropped to about $59 a barrel, according to figures cited from Russia’s tax authority. Moscow collected 326.2 billion rubles, roughly $3.76 billion, in net oil revenue—down 22% year on year and the lowest monthly total since February. The calculation used a crude price just over $59 per barrel. Total oil and gas revenue decreased 16% to 424 billion rubles; oil and gas provide about one-fifth of federal budget revenue. Oil receipts were over 60% lower than July, when a large scheduled payment hit. Ukrainian drone strikes have continued disrupting refineries, pressuring storage and exports. Rystad Energy cut its 2026 crude forecast to 8.95 million bpd.