Export prices for Russian oil in 2024-2026 expected to be nearly $70/barrel - Reshetnikov

MOSCOW. Sept 22 (Interfax) - The forecast for Brent oil prices at $85 per barrel in 2024 with a decrease to $76 in 2026 considers the possibility of balancing within OPEC+, while prices for Russian oil are expected to be around $70, and this is a conservative estimate, the head of the Russian Ministry of Economic Development Maxim Reshetnikov said, presenting an updated macro forecast for 2023-2026 at a government meeting.

Current prices for Russian oil in rubles are approximately 20% higher than forecast, he said.

"Prices for Brent oil in 2023 on average per year are estimated at $83.5/barrel with a subsequent increase to $85 in 2024. By 2026, we expect a decrease to $76/barrel. This corresponds to forward prices and takes into account the possibility of balancing within the framework of the OPEC+ deal," the minister said.

"At the same time, export prices for Russian oil will be about $70 per barrel in 2024-2026. This is a rather conservative estimate. Now prices in rubles are about 20% higher than forecast," he said.

As reported, the Russian Ministry of Economic Development predicts the price of Brent oil in 2023 at $83.5 per barrel, $85.0 in 2024, $80.2 in 2025, and $76.2 in 2026.