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 fourth-largest oil-exporting region worldwide in 2020.

Oil companies in Russia

Russian oil producers Gazprom, Lukoil, and Rosneft 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 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 OPEC+

After an oil price conflict with Saudi Arabia in March 2020, the deal between the Organization of the Petroleum Exporting Countries and its allies (OPEC+) collapsed, leading to a historic decline in oil prices. In April 2020, a new OPEC+ deal was agreed upon to reduce global oil production volumes. Given that and the decline of global oil demand during the COVID-19 pandemic, Russia's annual oil production fell by 8.5 percent in 2020. As of September 2021, OPEC+ had plans to gradually increase the output. For Russia, that would mean an increase in daily production quota from current 11 million barrels to 11.5 million barrels from May 2022. In the pre-pandemic year 2019, Russia had the highest oil production at 11.7 million barrels daily, including gas condensate which is not counted in the OPEC+ limit.

Interesting statistics

In the following 6 chapters, you will quickly find the 47 most important statistics relating to "Russian oil industry".

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