Urals crude oil price forecast 2018-2036, by scenario

While the basic scenario prognosed a gradual decrease in the Urals crude oil price from 2018 to 2030, the conservative scenario forecasted that the oil's price would reach 46.2 U.S. dollars per barrel between 2019 and 2024, which indicated a sharp decrease in the price over that period. Despite the different assumptions about the Russian economy's development*, both scenarios show Urals crude oil to be sold at 55.5 U.S. dollars per barrel by 2036.

World price forecast for Urals crude oil from 2018 to 2036, by economic scenario*

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Release date

April 2019



Survey time period


Supplementary notes

* The basic scenario assumed the mid- and long-term achievement of target indicators of the Russian socio-economic development. The conservative scenario suggested that the global economy's lower growth rates could limit the growth of the Russian economy.
** Provisional data.

The figures were presented as an average within the specified period.

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Statistics on "Russian oil industry"

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