In August, Russia increased its revenues from oil and gas sales by 20%

Russia’s oil and gas revenues in August increased by 20% to $8.7 billion compared to the same month last year. The growth is attributed to a rise in the price of Russian Urals crude oil to $74 per barrel and an increase in gas exports.

This was reported by Bloomberg.

The publication notes that Russia has adapted to European sanctions, found new buyers for its oil, and launched a massive shadow fleet.

Gas supplies to China via the “Power of Siberia” pipeline in July set a historical record, greatly exceeding contractual obligations. According to Bloomberg estimates, gas exports to China increased by nearly 33% compared to last year, reaching 2.8 billion cubic meters.

Pipeline gas supplies to Europe through Ukraine and Turkey also grew by nearly 6%, reaching 2.67 billion cubic meters.

Earlier, Russia reported that its oil and gas revenues in July sharply increased—by 45% compared to June and by 33% compared to July 2023. This revenue growth was due to rising oil prices and the collection of additional income taxes paid by oil companies four times a year.

At the beginning of the summer, media outlets reported that Russia’s shadow tanker fleet had doubled.