Russian oil industry - Statistics & Facts

Russia is the third largest producer of oil worldwide, accounting for over 12 percent of global crude oil production. Rich in natural resources, the country concentrates its energy production in the West Siberia and Volga-Ural oil and gas provinces. The oil industry was privatized after the collapse of the Soviet Union, but largely moved under the government control in the middle of 2000s. The country's economy is strongly dependent on its energy exports. In 2018, Russia was the second largest oil-exporting region worldwide.

The organic chloride contamination of the Druzhba pipeline transporting crude oil from Russia through Belarus to Czechia, Germany, Hungary, Poland, and Slovakia disrupted Russian oil production and exports in April 2019. The crude oil flow was restored and the contaminated pipeline section was cleaned in July 2019. Russia accounts for over a quarter of the European Union's extra-EU petroleum oil imports.

Russian oil companies Rosneft and Lukoil are among the top energy companies worldwide. Rosneft is the domestic market leader whose controlling stakes belong to Rosneftegaz, a company fully owned by the Russian government. Rosneft purchased the shares of Yukos, which once was the largest oil producer in the country but went bankrupt. Gazprom Neft is a subsidiary of the Russian energy giant Gazprom. The state-owned company Transneft operates the Russian oil pipelines. Russian oil companies also have influence over other industries; for example, Surgutneftegaz owns shares in the private holding National Media Group that operates television channels, film studios, print media, and advertising agencies.

The long-term outlook for the oil industry does not project steady growth for the industry, since the price of the Urals crude oil is forecasted to decrease by 2036. However, Russian oil production and consumption volumes were expected to slightly increase over the next decades.

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Russian oil industry

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