Russia’s Oil Revenue Sinks as Urals Falls to $59

Russia collected 326.2 billion rubles, or about $3.76 billion, in net oil revenue in August, down 22% from a year earlier and the lowest monthly total since February. Russia’s tax authority calculated August oil revenues using a crude price of just over $59 per barrel. Urals, Russia’s main export grade, averaged almost $95 per barrel during the spring after the Iran war pushed buyers toward barrels outside the Persian Gulf. Total Russian oil and gas revenue fell 16% year over year in August to 424 billion rubles. Oil and gas provide…