Russia Cuts Brent Crude Price Forecast for 2025 by About 17%

Interfax news agency revealed that the Russian Ministry of Economy has cut its forecast for the average price of Brent crude for 2025 by about 17% compared to its September forecast for this year.

The agency said that the ministry expects, in its baseline economic forecast for 2025, the average price of Brent crude to reach about $68 per barrel, down from the $81.7 per barrel it assumed in its September forecast, according to Reuters.

The ministry also expects the price of Urals crude, Russia’s main oil blend, to reach $56 per barrel, compared to $69.7 per barrel, the price the Russian government used in preparing the 2025 budget.