Russia will see a 38% year-on-year increase in energy earnings due to higher oil export volumes, coupled with rising natural gas prices, Reuters reported on Wednesday, citing a document from the German Economy Ministry.
According to the report, the country’s revenues are expected to jump to $337.5 billion this year, which will help shore up the Russian economy in the face of Western sanctions.
The document predicted that energy export earnings will ease to $255.8 billion next year, but will still be higher than the 2021 figure of $244.2 billion.
According to the forecast, the average gas export price will more than double this year to $730 per thousand cubic meters, before gradually falling until the end of 2025.
The document pointed out that Moscow has started to gradually boost its oil production following the sanctions-related curbs and as a result of increased purchases by Asian buyers.
Moscow has also improved its forecasts for output and exports until the end of 2025.
Overall,…
