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Russia - oil production in barrels daily 1998-2019

In 2019, Russia produced approximately 11.5 million barrels of oil daily, up from 11.4 million barrels recorded in the previous year. The volume of crude oil, shale oil, oil sands, and natural gas liquids supplied by Russia continuously increased since 1998, making it the world’s third largest oil producer. Over the next two decades, Russia was forecast to a gradual increase in oil production.

Russia’s oil dependency

Russian oil industry is the major contributor to the country’s exports, which makes the country vulnerable to decreasing oil prices. Under the conservative scenario, the fuel and energy complex was forecast to decrease its share in the country’s gross domestic product from 22 to 17 percent between 2020 and 2040.

OPEC deal – reduction in Russian oil output?

In 2016, Russia and the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement, according to which Russia cut its oil production to facilitate the increase in crude oil prices. In compliance with the deal from December 2019, in the first quarter of 2020, Russia’s reduction quota reached 300 thousand barrels daily. Thus, the country’s target oil production levels decreased to 11.12 million barrels per day. In March 2020, the OPEC+ deal collapsed, as Russia refused to cut its oil output due to the coronavirus (COVID-19) outbreak. Starting from May 1, 2020, a new OPEC+ deal began, setting oil production cuts at 9.7 million barrels daily.

Oil production in Russia from 1998 to 2019

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Source

Release date

June 2019

Region

Russia

Survey time period

1998 to 2019

Supplementary notes

According to the source, oil production includes crude oil, shale oil, oil sands, and NGLs (natural gas liquids - the liquid content of natural gas in which the condensate is recovered separately). Excludes liquid fuels from other sources such as biomass and coal derivatives.
Figures for years not included in the pdf version were taken from the Data workbook of the Statistical Review.

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Statistics on "Russian oil industry"

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