The Russian government announced on Wednesday that the country’s oil and gas revenue is expected to reach more than $1.8 trillion in 2015.
This is a 5.8 percent increase over the budget forecast for 2014 and accounts for 51 percent of total budget revenue.
The announcement was made as the Russian government submitted the federal budget draft for 2015-2017 to the parliament’s lower house, also called the State Duma.
The increase in oil and gas revenues is expected to continue into 2017, although this revenue will, over the years, account for smaller and smaller portions of the expected total budget revenue. The draft budget notes that oil and gas revenue is expected to reach $2.02 trillion in 2015 and $2.07 trillion in 2017 – this accounts for 50.8 percent of the budget in 2016 and 49.6 percent in 2017.