From January to July 2025, revenue to the federal budget of Russia from the oil and gas sector decreased by nearly 19%, equivalent to approximately $17 billion, compared to the same period last year. During this time, Russia earned only $69.2 billion from oil and gas exports. Experts cite falling global oil prices, the strengthening of the ruble, and a significant reduction in gas exports to the European Union as the main factors behind the decline in revenue.
This is reported by Business • Media
India reduces purchases of Russian oil
The two largest oil refining companies in India — Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Limited (BPCL) — have abandoned Russian oil following the introduction of additional tariffs by the United States. They are returning to the spot market and have already contracted at least 22 million barrels of non-Russian oil for delivery in September-October. It is known that since 2022, these companies have not been purchasing oil on the spot market, as they actively utilized cheaper Russian resources.
Canada and global reaction to Russian oil
With the decline in demand for Russian oil, Russia is forced to offer its energy resources to Chinese refineries at even lower prices. Meanwhile, the Chinese Ministry of Foreign Affairs emphasizes its right to cooperate with Russia in the fields of energy and trade, despite international pressure.
“The country has the legitimate right to conduct normal economic, trade, and energy cooperation with Russia.”
Canada has announced its intention to intensify sanctions pressure on Russia by lowering the price cap on Russian oil from $60 to $47.6 per barrel. This move supports the decisions of the European Union and the United Kingdom regarding price restrictions on energy resources from Russia.
Global oil prices fell by 4-5% last week due to concerns over reduced demand, particularly due to stricter U.S. tariff policies. The price of Brent crude oil on Friday was $66.40 per barrel. In response to these trends, Russia is preparing for a possible further decline in oil prices to $40 per barrel. The reasons for this forecast include an oversupply in the global market, a slowdown in China’s economic growth, and increased oil production by OPEC+ countries.