Russian Finance Minister Anton Siluanov told RBC media on Tuesday that the oil and gas revenue outlook in the federal budget assumes an Urals oil price of $59 per barrel in 2026.

That’s higher than the $56 per barrel now seen on average for this year, but lower than the initially assumed $69.7 for 2025.

Oil and gas revenue accounts for around a quarter of Russia’s total budget proceeds and is an important part of the state’s funding as military expenses related to the conflict with Ukraine rise.

Economic uncertainty and increased output from OPEC+, the Organization of the Petroleum Exporting Countries and allies, including Russia, have weighed on oil markets.

Eight members of OPEC+ agreed on Sunday to raise production from October by 137,000 barrels per day, much lower than the monthly increases of about 555,000 bpd for September and August and 411,000 bpd in July and June.
Source: Reuters