The Institute of International Finance (IIF) has forecast a decrease in Russia’s fiscal breakeven oil price (the amount to balance the external current account) to $77 per barrel by 2025, supported by a recovery in oil and gas revenues. At the same time, the external breakeven oil price (the amount to balance budget spending for extraction), currently at $41 per barrel, is the second lowest among major hydrocarbon exporters. Russia’s oil production has remained stable despite Western sanctions, with Urals crude prices projected to narrow their discount to Brent, falling from $19 in 2023 to $11…