Russia's Gazprom Test-Runs $20-25 Per Barrel Oil Price Scenario

Russia’s energy giant Gazprom is testing this year’s budget based on oil prices averaging between $20 per barrel to $25 per barrel, the deputy head of the company’s financial and economic department said Monday.

MOSCOW (Sputnik) – Gazprom is the world's largest natural gas extraction firm, accounting for 12 percent of the global gas output, according to the company. The Russian government holds a majority stake in the company.

"We are now working on analyzing scenarios with an average oil price of $25 and $20 per barrel," Igor Shatalov said at the Investor Day webcast in New York.

Shatalov said the company tailored its budget based on oil price forecasts of $35 per barrel, allowing it to adapt to market realities.

"The budgeted $50 per barrel oil price was below most analysts' forecasts," he observed.