Russian Oil Flows Hit New High But Slumping Prices Crush Income

Russian oil exports reached record volumes in recent months, according to data from shipping tracking firms and Russian customs reports. Urals crude oil prices, the benchmark for Russian exports, have declined to levels comparable to those before recent US and Israeli military actions against Iran. The price drop has offset gains from higher export volumes, reducing overall revenue from oil sales. Russia's federal budget relies significantly on oil and gas revenues.

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