Russia cuts oil price forecast to $65 per barrel in 2024-2027

Russia has faced myriad sanctions from the West over the conflict in Ukraine, including restrictions on Russian oil purchases as well as a price cap of $60 per barrel. The downward revision is likely to put more pressure on Russia's budget, which saw a shortfall of $6.56 billion, or 0.3% of gross domestic product, in the first quarter.
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