MOSCOW, October 1. /TASS/. Brent oil prices will gradually decline to the range of $60-70 per barrel in 2027-2029 after the sharp increase this year driven by the Middle East situation, the Russian Finance Ministry said in the prepared guidelines for budget, tax, and customs and tariff policy for 2027 and the 2028-2029 planning period.

Global oil prices soared this year amid supply disruptions from the key oil producing region. "The short-term price situation will continue to be determined by the prospects for the recovery of oil exports from Middle Eastern countries and the pace of global oil inventory restoration after the end of the conflict," the ministry noted.

Meanwhile, medium-term price prospects appear moderate. "Energy security concerns may prompt consumers to accelerate the transition to alternative energy sources, while a rift among OPEC exporting countries could lead to production hike of a larger scale after logistical hurdles are resolved. Brent oil prices are expected to gradually decline into the 60-70 $/bbl. range during 2027-2029; however, the risks of their more drastic decline cannot be underestimated," the ministry said.

The long-term balance is also shifted toward lower prices due to the expected contraction in demand as vehicle fleet electrification expands and the role of renewable energy sources strengthens within the global energy balance structure, the ministry added.