The consequences for Russia from the redistribution of the oil market, launched by the United States

Alexey Gromov, Principal Director on Energy studies at the Institute for Energy and Finance, commented to the news agency "Ura.ru" on the impact of the current decline in world oil prices on the Russian oil industry.

The decline in oil prices after the redistribution of the oil market, which the United States has begun with its actions in Venezuela, will not be critical for Russia. Alexey Gromov stated this in the interview. According to his forecasts, Brent will fall in price to $ 55 per barrel by the end of 2026, and Urals to $ 40.

"Russian oil companies are ready and can remain profitable at such export prices. Yes, the volume of oil revenues will decrease. But at the same time, the structure of the economy continues to change, and the share of revenues from energy exports is getting lower. Two years ago, oil and gas revenues accounted for 30-32% of total budget revenues, and last year this figure dropped to 24-25%. I believe the figure will decrease to 20-22% in 2026. The manufacturing sector is becoming the main driver of the Russian economy," Gromov explained.

The price of Brent crude futures on January 13 is 64.5 dollars per barrel. During the week, the indicator rose by almost four dollars against the background of the US operation in Venezuela and the unrest in Iran. However, there is no reason to believe that these events can lead to a reduction in supply on the market, it continues to exceed demand, Gromov noted. Therefore, the quotes will decrease during the year, he added.