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.

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.