Russia’s May oil and gas revenues to jump 39% to $9.8 billion

Russia’s oil and gas revenues are expected to jump sharply in May, with estimates pointing to a 39% year-on-year increase to about $9.8 billion, according to reporting from Asharq Al-Awsat. The expected rise comes as global energy markets remain sensitive to geopolitical tensions, including the war involving Iran, which has helped support oil prices and boost Russia’s export earnings.

The projection matters because energy income remains one of the Kremlin’s most important sources of budget revenue, helping finance state spending and cushion the impact of Western sanctions. A stronger month for oil and gas receipts would give Moscow additional fiscal room at a time when Russia has been trying to sustain export flows despite pressure from price caps, shipping restrictions and shifting demand in key markets.

At the same time, Russian crude continues to find major buyers in Asia. Chinese customs data showed that China’s crude oil imports from Russia rose 11% in April, reaching 8.97 million tons, or 2.18 million barrels per day, making Russia China’s largest supplier. That continued demand from Beijing underscores how Russia has been redirecting much of its energy trade eastward since the start of the war in Ukraine and the tightening of sanctions from Western countries.

The broader picture for the energy market is one of competing forces. While Russia stands to benefit from higher revenues, other producers are also seeing strong output. Norway said on Wednesday that its total oil and gas production exceeded official expectations by 4.6% in April. Together, the reports show how geopolitical uncertainty, supply shifts and steady demand from major importers continue to shape the global oil and gas trade.