Russian ministry projects Brent crude at $73 a barrel in 2027, falling to $66 by 2029
Economic Development Minister Maxim Reshetnikov said the forecast rests on conservative external assumptions about global oil markets.
Russia's Ministry of Economic Development is forecasting that Brent crude oil prices will average around $73 per barrel in 2027 before declining to approximately $66 per barrel by 2029, according to Economic Development Minister Maxim Reshetnikov, as reported by state news agency TASS.
Reshetnikov said the projections are built on conservative external assumptions, suggesting the ministry has opted for a cautious baseline rather than a more optimistic outlook for global energy markets over the coming years.
Oil price forecasts play a significant role in shaping Russia's budget planning, given the importance of energy exports to state revenue. A lower projected price trajectory toward the end of the decade could factor into fiscal planning assumptions and government revenue expectations in the years ahead.
Global oil price forecasts remain subject to considerable uncertainty, shaped by factors including OPEC+ production decisions, global demand trends, geopolitical developments and the pace of the transition toward alternative energy sources. Forecasts from national ministries often diverge from those of international energy agencies and private analysts.
The ministry did not immediately detail the specific assumptions underlying the projected decline in prices toward 2029.
Sources
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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