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Economics & Business News

The Ministry of Economy raised the forecast for the price of oil in 2022 by more than $15

The Ministry of Economic Development raised the forecast for Urals oil prices in 2022 by 25% from $62.2 to $77.7 per barrel, Vedomosti reports, citing a source.

It is reported that the indicator was revised as part of the implementation of the instructions of President Vladimir Putin. At the end of September 2021, he instructed the government, by February 4, 2022, to refine the forecast for socio-economic development (SED; includes an estimate of the cost of a barrel of Urals oil on average per year) and assess the change in the main parameters of the federal budget for the period 2022–2024.

The government is now considering appropriate adjustments, Finance Minister Anton Siluanov said at a briefing with journalists on February 16.

The source of the publication indicated that, although a new forecast has indeed been formed, its parameters are flexible - they depend on the market situation.

Earlier, Bloomberg estimated Moscow's additional income from expensive oil at $65 billion.

The Ministry of Economy raised the forecast for the price of oil in 2022 by more than $15