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. Russia was the second largest oil-exporting region worldwide in 2019.

Oil companies in Russia

Russian oil producers Rosneft, Gazprom, and Lukoil are among the leading 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. Oil companies in Russia also have influence over other industries; for example, Surgutneftegaz owns shares in the private holding National Media Group that operates TV channels, film studios, print media, and advertising agencies.

Russia in the new OPEC+ deal

After an oil price conflict with Saudi Arabia in March 2020, the OPEC+ deal at the time collapsed, leading to a historic decline in oil prices. In April 2020, a new OPEC+ deal was agreed upon, in accordance with which, Russia accounted for 26 percent of the total oil output reduction volume between May and June 2020, significantly increasing its share compared to the previous arrangement. In those months, Russia agreed to decrease its oil production to 8.5 million barrels per day. Moreover, followed by a decrease in global oil demand during the COVID-19 pandemic, the oil refining margin of Russia was forecast to decline by three percent under the basic scenario in the last eight months of the year.

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Production

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Top companies

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Russian oil industry

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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. Russia was the second largest oil-exporting region worldwide in 2019.

Oil companies in Russia

Russian oil producers Rosneft, Gazprom, and Lukoil are among the leading 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. Oil companies in Russia also have influence over other industries; for example, Surgutneftegaz owns shares in the private holding National Media Group that operates TV channels, film studios, print media, and advertising agencies.

Russia in the new OPEC+ deal

After an oil price conflict with Saudi Arabia in March 2020, the OPEC+ deal at the time collapsed, leading to a historic decline in oil prices. In April 2020, a new OPEC+ deal was agreed upon, in accordance with which, Russia accounted for 26 percent of the total oil output reduction volume between May and June 2020, significantly increasing its share compared to the previous arrangement. In those months, Russia agreed to decrease its oil production to 8.5 million barrels per day. Moreover, followed by a decrease in global oil demand during the COVID-19 pandemic, the oil refining margin of Russia was forecast to decline by three percent under the basic scenario in the last eight months of the year.

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