The article states that in March the Ministry of Finance of the Russian Federation stated that it expects that the average oil price in 2025 would be closer to $ 60 per barrel instead of $ 70, which Russia laid in the budget for this year. It was predicted that with such a scenario, the budget deficit will increase, but not more than 1% of GDP, reporters added.
The media notes that oil prices are crucial for the federal budget of the Russian Federation, which, according to the Russian government, in January – February received almost 30% of its income from the sale of oil and gas. Since the expenses of the Russian Federation in the first two months of the year increased because of the war against Ukraine, any reduction in income can be pressure on the country's finances, media writes.
The authors of the material indicate that world oil prices fell after the United States announced the introduction of large -scale tariffs for its trading partners last week. In addition, a group of organizations of countries – oil exporters (OPEC+) promised to increase oil production next month, while Saudi Arabia reduced the prices for this raw materials, Bloomberg notes.
Context
Russia is the second largest exporter of oil in the world after Saudi Arabia. But, according to the forecast of the International Energy Agency (IEA), the share of Russia in the global energy market by 2030 will decrease from 20% to 13%. Therefore, the Kremlin will lose approximately $1 trillion of export income, noted the “Russian Air Force”.
In early December 2022, the countries – members of the “Big Seven”, as well as Australia and the EU introduced the limitation of prices for Russian oil, setting the maximum level of $ 60 per barrel. Since February 5, 2023, these countries introduced a price ceiling for Russian oil products: $ 100 – for diesel fuel and $ 45 for different oils.
