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Oil: Russian production by region in 2014 and 2016

Russia's oil production in 2014 and 2016, by region (in 1,000 barrels per day)

by Diana Elagina, last edited Sep 13, 2019
Oil: Russian production by region in 2014 and 2016 The majority of Russia’s oil production is located in Western Siberia. In 2016, 6.3 million barrels were produced per day in this region, a slight decrease from 2014. Russia is one of the leading oil producing countries in the world, and in 2017 produced 11.3 million barrels per day. This output was only smaller than that of Saudi Arabia and that of the United States.
Oil an important export commodity

  With its vast reserves, Russia is one of the world largest producers of crude oil, and in 2017 exported an 11.1 percent share of all crude oil exported globally. Only Saudi Arabia exported more. Oil is among Russia’s top commodities and is hugely important to its economy. In 2018, crude oil exports amounted to a value of 129 billion U.S. dollars. This was an increase of approximately 36 billion from the previous year.

Arctic frontier

Whilst Western Siberia produced by the far the most oil at this time, the country’s Arctic zone holds potentially huge oil reserves. Despite Russia owning significant shares in the oil and gas resources under the Arctic shelf, this area has remained relatively untapped due to Western sanctions. However, Russia has ambitions to develop resources in this area, and in 2019, Russia’s largest oil producer Rosneft made plans to develop a cluster of oil fields there over the following five years.
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Russia's oil production in 2014 and 2016, by region (in 1,000 barrels per day)

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