What will happen to oil prices, and how much Russian oil will cost: forecast till the end of 2022

July 07, 2022

World oil prices will continue to fall until the end of 2022. The price of Russian oil, which is sold at a significant discount, will drop to $20-25 per barrel.

Maksym Bielawski, a leading expert on energy programmes at Razumkov Centre, said this in a comment for RBC-Ukraine.

As Mr. Bielawski noted, Citigroup analysts predict a drop in oil prices to $65 per grade.

"I believe this group of experts. I think that Brent will cost 70 dollars by the year end, which is 30 dollars cheaper than now. Accordingly, the Russian Urals grade with all restrictions, if bought by the G7 countries, may cost 20–25 dollars, which is much lower than planned in the budget of the aggressor state," he said.

According to him, the slowdown of the global economy will be the main factor affecting the oil price. In particular, the corona virus and the new so-called "monkey pox" will restrict business activity.

As RBC-Ukraine reported, last week the G7 leaders agreed to consider introducing temporary restrictions on import prices for Russian fossil fuels, including oil. Japan’s Prime Minister Fumio Kishida proposed halving the current price.



Maksym Bielawski

Leading Expert, Energy Programmes

Born in 1986 in Zhytomyr oblast


Zhytomyr State Technological University (2008)

Ph.D in Technical Science (2010)

Ivano-Frankivsk National Technical University of Oil and Gas (2012)

Author of 17 patents and 100 scientific works

Work Experience:

2008 – 2011 — Operator of Gas Infrastructure Units, Controller of Gas Transmission System in Rivne Division of PJSC "Ukrtransgas"

2011 – 2017 — Leading Engineer, Deputy Head of Press-Service, Head of Public Relation Department of PJSC "Ukrtransgas"

2017 – 2018 — HR Director of PJSC "Maine Gas Pipelines of Ukraine", Advisor to the Minister of Energy and Coal Industry of Ukraine

2021 — Director of Integrated Communications of NJSC "Naftogaz of Ukraine"