Story perspectives

Oil Revenue Soars, Refiners Paid 207.5 bn; GDP Forecast Cut

5/7/2026

Summary

Story summary

Compensation payments to refiners jumped to 207.5 billion rubles in April, up from 15 billion rubles in March.
Russia’s oil and gas revenues in April 2026 totaled 855.6 billion rubles, 21 billion above the budget baseline.
The average Russian oil price for taxation rose to $94.87 per barrel in April, the highest since September 2014.
The TsMAKP think tank cut its 2026 GDP growth forecast to 0.5-0.7% after Ukrainian drone attacks reduced hydrocarbon output.

History

Historical Context

After annexing Crimea in 2014, Russia relied on oil priced near $100 per barrel—just enough for a balanced budget—before the price fell to $60 by December, a pattern echoed in 2022 when fossil-fuel sales generated $66.5 billion despite sanctions. In April 2026, drone attacks on hydrocarbon sites have driven compensation to 207.5 billion rubles and oil at $94.87, prompting the Kremlin to lean on tax revenues as in 2014.

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Story summary

Compensation payments to refiners jumped to 207.5 billion rubles in April, up from 15 billion rubles in March.
Russia’s oil and gas revenues in April 2026 totaled 855.6 billion rubles, 21 billion above the budget baseline.
The average Russian oil price for taxation rose to $94.87 per barrel in April, the highest since September 2014.
The TsMAKP think tank cut its 2026 GDP growth forecast to 0.5-0.7% after Ukrainian drone attacks reduced hydrocarbon output.

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