The Russian government cut its price forecast for its natural gas exports outside the former Soviet Union for 2024-26, according to figures presented by the economy ministry.

Russia relies heavily on sales of oil and natural gas, which account for around a third of federal budget revenues, while the government has been discussing budget plans for the next three years.

Moscow plans to increase budget spending by 25.8% to 36.6 trillion roubles ($383 billion) in 2024, Prime Minister Mikhail Mishustin said on Friday, with hefty increases in military and social spending expected ahead of a March presidential election.

According to the basis forecast presented by the economy ministry, Russia’s gas exports to countries outside the ex-Soviet Union are now seen at $434.6 per 1,000 cubic metres in 2023, at $321.7 in 2024, $308.3 in 2025 and $296 in 2026.

In the previous draft forecast earlier this month the price for 2023 was expected at the same level but stood higher, at $405.4 for 2024, $369.9 for 2025 and $341.5 for 2026.

Under a conservative scenario, the prices for 2023 are seen at $419.4 in 2023, $290.7 in 2024, $272.3 in 2025 and $260.2 in 2026, the economy ministry’s data showed on Friday.
Source: Reuters (Reporting by Darya Korsunskaya; writing by Vladimir Soldatkin, Editing by Gareth Jones)