Russia’s oil and gas revenues are expected to drop 23% in September due to lower international crude prices and a stronger ruble, impacting budget planning amid high spending in Ukraine. Despite a 17% monthly increase, year-to-date revenues are projected to decline 20.5%, reaching a two-year low. Oil and fuel export revenue slumped by $920 million in August, with discounts on Russian crude widening due to geopolitical pressures. Refinery production fell as Ukraine targeted processing facilities with drones. Petroleum product shipments rose in August, driven by refinery maintenance completion. Baltic Sea ports saw increased oil product exports, while Arctic port shipments dropped.

Read more at Yahoo Finance: Russia’s Oil and Gas Revenues Face Significant September Decline