Russia's Economy Ministry forecasts Urals at $53/bbl in 2027, declining to $51 by 2029

Russia's Ministry of Economic Development has set a conservative baseline forecast for Urals crude at $53/bbl in 2027, $52 in 2028, and $51 in 2029, citing persistent external constraints. This signals official Russian expectations of sustained soft oil prices, which could pressure budget revenues and the ruble. The forecast is a planning assumption, not a market projection, but it reflects Moscow's view of prolonged Western sanctions and global supply dynamics.