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Russian crude oil production

Oil and gas production is one of the main industries of Russian economy.

02.Nov.16 5:10 AM
By Alesya Davydova


Russian crude oil production

Petroleum industry of Russia is one of the major branches of the country’s economy. Russia is one of the world’s three largest oil producers together with Saudi Arabia and the United States of America. Russia is an important player on the global energy market and has a significant influence on the world’s crude oil prices.

In 2015 the average crude oil output in Russia was estimated at 10.83 barrels per day. Russia’s share in global oil production is 12 per cent and the country has a similar share of world’s oil exports. The main consumers of Russian crude oil are European countries including the former Soviet republics.

There are several companies in the country that produce Russian crude oil. They are Rosneft, Lukoil, Surgutneftegaz, Gazprom Neft and Tatneft. The country’s government is now planning privatization of two oil companies – Bashneft and Rosneft. In autumn 2016 Rosneft already bought the state’s stake in Bashneft. The privatization of Rosneft has been postponed till 2017.

Russia may also join OPEC’s deal to freeze the output level in order to settle global oil prices. The countries will discuss the issue in the end of November.

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