OPEC+ continues to pursue accelerated oil production expansion amid a global economic slowdown. This increases the likelihood of oil prices sliding towards $50 per barrel. An additional threat is the intensification of sanctions against Russian oil, which will push its actual price even lower. The government hopes to partially offset the loss of oil and gas revenues with non-oil revenues. However, higher tax rates may not deliver the desired effect.

OPEC+ continues to move along the path of accelerated expansion of oil production against the backdrop of a slowdown in the global economy. This increases the likelihood of its price sliding towards $50 per barrel. An additional threat remains increased sanctions pressure on Russian oil, as a result of which its actual price will be even lower. The government expects to partially compensate for the shortfall in oil and gas revenues at the expense of non-oil and gas revenues.