Economic Development Ministry expects average Brent price at $81 per barrel in 2026

MOSCOW, May 12. /TASS/. Russia’s Ministry of Economic Development of Russia expects the average price of Brent crude oil to stand at $81 per barrel in 2026 under its baseline scenario, according to the scenario conditions for Russia’s socio-economic development for 2027 and the planning period of 2028-2029, which were reviewed by the government and published on the ministry’s website. At the same time, for the 2027-2029 period, the ministry expects Brent prices to decline to $65 per barrel in 2027, $63 in 2028 and $61 in 2029. Under the ministry’s conservative scenario, which assumes a slowdown in the global economy and weaker demand for Russian export commodities, the oil price trajectory is expected to be lower than in the baseline scenario. In particular, the Brent oil price in 2026 is projected to be $9 per barrel lower than in the baseline case, at $72 per barrel. "The downward trend will continue further, and by 2029 the price will decline to $59 per barrel," the ministry’s materials state.