In October 2026, Russia received its largest revenue from exports of oil and petroleum products since May. The revenue growth was driven by higher raw material prices on global markets due to the war in the Middle East, despite a reduction in Russian exports of petroleum products.
This was reported by Bloomberg citing the November report of the International Energy Agency (IEA).
According to the agency's estimates, in October Russian producers earned almost $21.2 billion from exports of oil and petroleum products - about 65% more than in the same month last year.
More than 80% of this amount came from sales of crude oil. At the same time, its export volumes remained practically unchanged compared to September - 5.33 million barrels per day.
The main factor behind the revenue growth was high global prices. In October, the price of Russia's main oil grades Urals and ESPO exceeded $100 per barrel.
Russian oil gained additional advantages due to supply disruptions from the Persian Gulf countries. Amid threats to shipping in the Strait of Hormuz, buyers in China and India continued to receive Russian oil via routes that do not require passage through this strait.
The growth in oil revenues is also confirmed by calculations from the independent analytical center CREA. According to its estimates, in October Russia's revenue from crude oil exports increased by 19% compared to September - to €449 million per day. At the same time, physical export volumes grew by only 6%.
In contrast, Russian oil refining continued to suffer from the consequences of Ukrainian strikes. According to IEA data, in October Russia exported 1.49 million barrels of petroleum products per day. Although this figure was the highest since June, it remained about a third lower than the level of October 2025.
High oil prices supported Russia's financial position, which continues to bear significant costs for the war against Ukraine. At the same time, companies' export revenues do not equal direct receipts to the Russian budget: the state receives funds primarily through taxation of oil producing enterprises.
Meanwhile, the further situation on the oil market remains unstable. In the November report, the IEA notes that after reaching peak values in early October, global oil prices have already declined significantly. In particular, the benchmark North Sea Dated grade fell from $136 to about $93 per barrel.
The agency explains this by the gradual restoration of exports from the Persian Gulf. Therefore, Russia's high October revenues do not necessarily mean maintaining a similar level of revenue in the coming months.
Source materials: Bloomberg, International Energy Agency, CREA
