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Russian ministry expects prices of Russian oil and gas to decline consistently until 2025

Under the base-case scenario of the outlook the average annual price of Russia’s export oil Urals is projected at $80.1 per barrel in 2022

MOSCOW, May 19. /TASS/. Russia’s Economic Development Ministry expects prices of the Urals oil and prices of gas exported from Russia to be decreasing consistently until 2025, according to the outlook on the country’s social and economic development released on the ministry’s website.

In particular, under the base-case scenario of the outlook the average annual price of Russia’s export oil Urals is projected at $80.1 per barrel in 2022 ($78.6 per barrel in the conservative scenario), at $71.4 per barrel in 2023 ($65.8), at $66 per barrel in 2024 ($61.6), and at $61.2 in 2025 ($57.3), according to the ministry.

The annual contracted gas prices are expected at $453 per 1,000 cubic meters in 2022 ($435.2 per 1,000 cubic meters under the conservative scenario), at $374.1 per 1,000 cubic meters in 2023 ($319.5), $334.4 in 2024 ($292.3), and at $295 in 2025 ($263.4).

Prices for gas supplied to non-CIS countries are projected at $523.3 per 1,000 cubic meters this year ($513.1 per 1,000 cubic meters under the conservative scenario), at $431.1 in 2023 ($385.6), $381 in 2024 ($346.3), and at $336.7 in 2025 ($311.5).

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