Despite the challenges posed by war, sanctions, and trade restrictions, Iran’s Ministry of Oil maintained crude oil production and exports, achieving approximately 60% of the annual oil revenue target in the first months of the Iranian year 1405 (started late March 2026). The ministry generated $18 billion in oil revenue, including $11.5 billion during the war and $6.5 billion during the ceasefire, while transferring around $11 billion to the state treasury.
Still, lower global crude and oil-product prices helped the government to reduce subsidies it pays to Russia’s refiners to partially compensate for the difference in fuel prices at home and abroad, a measure designed to boost gasoline and diesel supplies to the domestic market. In July, the budget transferred 59.9 billion rubles in subsidies, down by 58 percent from a year ago.
Russia’s oil proceeds to the state budget increased by almost a third last year to the highest since at least 2018, spurred by higher crude prices as the nation adapted to international sanctions.
Four major oil companies currently operate in the country, contributing to this revenue stream, which is monitored and reported by the Public Interest and Accountability Committee (PIAC) as part of the Annual Budget Funding Amount (ABFA) from petroleum revenue.
/African Media Agency(AMA)/- Niger’s economy is set to rebound after a year marked by an unprecedented political crisis. However, the rebound is dependent on favorable security and climate conditions, and continued oil production for exports, according to the World Bank’s latest economic update for Niger, published today.
Ghana’s oil revenue surged to $840 million in the first half of 2024, marking a 36% increase from the $540 million recorded in the same period in 2023.
The 2023 Annual Report of the Public Interest and Accountability Committee (PIAC) Report on the use and management of oil revenues launched in Accra yesterday states that Ghana’s share of petroleum revenues for 2023 declined by a 25.65 per cent due to decrease in oil production for the fourth conservative year and lower global prices.
Russia’s budget was $24.7 billion (1.76 trillion rubles) into deficit in January
Four companies are due to drill exploration wells in Ghana during the last quarter of this year, according to a government report. The Public Interest Accountability Committee (PIAC) also raised some concerns over tax payments by state-owned Ghana National Petroleum Corp. (GNPC)