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Russian Ministry forecasts Brent at $73 per barrel in 2027, falling to $66 by 2029

Economic Development Minister Maxim Reshetnikov said that external assumptions remain conservative

MOSCOW, September 24. /TASS/. The Russian Economic Development Ministry has set its Brent oil price forecast at $73 per barrel for 2027, declining to $66 by 2029, Economic Development Minister Maxim Reshetnikov said at a government meeting where he presented Russia’s socioeconomic development forecast for 2026 and the 2027-2029 planning period.

"External assumptions remain conservative. The Brent oil price for 2027 is projected at $73 per barrel, declining to $66 by 2029. In assessing external conditions, we take into account that futures prices for that same year, which are currently significantly higher, are volatile and largely reflect the current situation around the Arabian Peninsula," he said.

"We raised the Urals price forecast by less - by $1-3, as we expect a wider discount to Brent. We expect $53 per barrel in 2027 and $51 by 2029. That is only slightly above the $50 cutoff price set from 2027," he added.

FACTBOX: Economic Development Ministry’s forecast, oil prices, inflation, GDP

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