Development of oil fields
In recent years, Russia's crude oil production is steadily increasing primarily due to favorable external environment that allows companies to invest more in the development of oil fields.
2018: Russia - the 2nd largest crude oil producer in the world after United States
In 2018, Russia was the 2nd largest oil producer in the world after United States and ahead of Saudi Arabia by producing million barrels per day. Russia in 2017 increased crude oil production for 1.3% at the level of 518 million tons. Crude oil production in the Russian Federation in 2018 is increased for 1.2 % at the level of 523 million tons, natural gas production is increased for 1.5% at the level of 664 billion cubic meters. Russian Energy Ministry expects that by 2022 crude oil production will be increased for 530-550 million tons per year
Every year Russia is producing about 500 million tons of crude oil, of which slightly less than half is exported without refining. In contrast of the gas industry, where there is a monopoly and only one way to deliver crude oil, in the crude oil production is more difficult and market participants are gradually changing and growing competition between traders.