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Russia Expects Its Crude Price to Average $71.30/bbl in 2024

OIL

Russia’s government expects the average price of its crude grades to average $71.30/bbl in 2024, up from an average of $63.40/bbl so far in 2023.

  • These figures come from a base-case scenario in a macroeconomic outlook prepared alongside the draft budget for next three years seen by Bloomberg.
  • This is an upward revision from the earlier forecasts made in August, which expected Russian crudes to average $66.30/bbl in 2024.
  • The new forecast also sees Russia’s crude averaging $70.10/bbl in 2025 and $70/bbl in 2026.
  • The Russian government expects the discount of its barrels to Brent to narrow over the next three years, down to $13.7/bbl in 2024 compared to $20.1/bbl in 2023. Discounts will be as low as $6.2/bbl in 2026 according to the forecast.
Energy BulletsCommodities
Energy BulletsCommodities

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