Economic Development Ministry forecasting Brent crude price of $80.7/barrel in 2023 with gradual decline to $70.6 by 2026

MOSCOW. April 14 (Interfax) - The Economic Development Ministry is forecasting a Brent crude price of $80.7 per barrel in 2023, $75.7 in 2024, $71.9 in 2025 and $70.6 in 2026.

The ministry has submitted to the government its principal scenario parameters for 2023-2026, agreed with the Finance Ministry, a ministry spokesperson told reporters.

These will soon be sent to regions and ministries as part of the work to update the budget for 2023 and prepare the budget and financial plan for 2024-2026.

A source familiar with the discussion of the forecast explained to Interfax that "the scenario conditions do not include the Urals price indicator (because it is unrepresentative)," and the scenario conditions include a forecast of the Brent price, as well as an estimate of the export contract price according to the Federal Customs Service (in a closed format).

In addition, he said, "due to sanctions counteraction, the open part of the forecast has excluded a number of indicators disclosure of which could be detrimental to operations, mainly data on the fuel and energy complex. In particular, the forecast data in the field of the fuel and energy complex on production and export volumes, as well as export prices is closed," he said.