In 2023, Russia produced approximately 11.1 million barrels of oil daily, down from 11.2 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 until 2019, making it the world’s third-largest oil producer. Over the next three decades, Russia was forecast to decrease its oil production under both rapid transition and business-as-usual scenarios.
Russia’s oil dependency
The 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 percent to 17 percent between 2020 and 2040.
OPEC deal – a 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. In March 2020, the OPEC+ deal collapsed, as Russia refused to cut its oil output due to the coronavirus (COVID-19) pandemic. 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 2000 to 2023
(in 1,000 barrels per day)
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Energy Institute. (June 20, 2024). Oil production in Russia from 2000 to 2023 (in 1,000 barrels per day) [Graph]. In Statista. Retrieved November 13, 2024, from https://www.statista.com/statistics/265187/oil-production-in-russia-in-barrels-per-day/
Energy Institute. "Oil production in Russia from 2000 to 2023 (in 1,000 barrels per day)." Chart. June 20, 2024. Statista. Accessed November 13, 2024. https://www.statista.com/statistics/265187/oil-production-in-russia-in-barrels-per-day/
Energy Institute. (2024). Oil production in Russia from 2000 to 2023 (in 1,000 barrels per day). Statista. Statista Inc.. Accessed: November 13, 2024. https://www.statista.com/statistics/265187/oil-production-in-russia-in-barrels-per-day/
Energy Institute. "Oil Production in Russia from 2000 to 2023 (in 1,000 Barrels per Day)." Statista, Statista Inc., 20 Jun 2024, https://www.statista.com/statistics/265187/oil-production-in-russia-in-barrels-per-day/
Energy Institute, Oil production in Russia from 2000 to 2023 (in 1,000 barrels per day) Statista, https://www.statista.com/statistics/265187/oil-production-in-russia-in-barrels-per-day/ (last visited November 13, 2024)
Oil production in Russia from 2000 to 2023 (in 1,000 barrels per day) [Graph], Energy Institute, June 20, 2024. [Online]. Available: https://www.statista.com/statistics/265187/oil-production-in-russia-in-barrels-per-day/