Russia

Russia is a major player in global energy markets. It is one of the world’s top three crude producers, vying for the top spot with Saudi Arabia and the United States. Russia relies heavily on revenues from oil and natural gas, which in 2021 made up 45% of Russia’s federal budget.

Russia

Why does Russian oil and gas matter?

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  • One of the world’s top oil producers and exporters

    In 2021, Russian crude and condensate output reached 10.5 million barrels per day (bpd), making up 14% of the world’s total supply. Russia has oil and gas production facilities throughout the country, but the bulk of its fields are concentrated in western and eastern Siberia. In 2021 Russia exported an estimated 4.7 million bpd of crude, to countries around the world. China is the largest importer of Russian crude (1.6 million bpd) , but Russia exports a significant volume to buyers in Europe (2.4 million bpd).

  • A giant in natural gas markets

    Russia has a wide-reaching gas export pipeline network, both via transit routes through Belarus and Ukraine, and via pipelines sending gas directly into Europe. Russia natural gas accounted for 45% of imports and almost 40% of European Union gas demand in 2021. This share has increased in recent years, as European domestic natural gas production has declined. In 2021, the government released a long-term LNG development plan, in order to compete with growing LNG exports from the United States, Australia and Qatar. The plan targets 110-190 bcm/year LNG exports by 2025. In 2021, Russia exported 40 bcm of LNG, making it the world’s 4th largest LNG exporter and accounting for approximately 8% of global LNG supply.

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