Russia’s oil and gas revenues slumped by 23.9% last year compared to 2022 as lower oil prices and reduced pipeline gas exports weighed on budget income from fossil fuels, Russian Finance Ministry data showed on Thursday. Russian revenues from oil and gas fell to $99.3 billion (8.822 trillion Russian rubles) in 2023, down by 23.9% on the year. The decline was the result of lower oil prices compared to 2022, lower prices for Russia’s flagship crude grade Urals in early 2023, and lower natural gas prices and exports, the Russian…
