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Petroleum industry in Russia

One of the largest in the world / From Wikipedia, the free encyclopedia

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The petroleum industry in Russia is one of the largest in the world. Russia has the largest reserves and is the largest exporter of natural gas.[1] It has the second largest coal reserves, the sixth largest oil reserves, and is one of the largest producers of oil.[2] It is the fourth largest energy user.[3]

Russia natural gas production (red) and exports (black).
Russian crude oil production (red) and crude oil exports (black).

Russia produced an average of 10.83 million barrels (1,722,000 m3) of oil per day in December 2015.[4] In 2009, it produced 12% of the world's oil and had a similar share of global oil exports.[5] In June 2006, Russian crude oil and condensate production reached the post-Soviet maximum of 9.7 million barrels (1,540,000 m3) per day. Exceeding production in 2000 by 3.2 Mbbl/d (510,000 m3/d). Russian exports consist of more than 5 Mbbl/d (790,000 m3/d) of oil and nearly 2 Mbbl/d (320,000 m3/d) of refined products, which go mainly to the European market. The domestic demand in 2005 was 2.6 Mbbl/d (410,000 m3/d) on average.[6] It is also the main transit country for oil from Kazakhstan.

Until 2023 Russia was by far the world's largest natural gas exporter. Most, but not all, authorities believe that Russia has the world's largest proven reserves of natural gas. Sources indicating Russia to have the largest proven reserves include the US CIA (47.6 trillion cubic meters),[7] the US Energy Information Administration (47.8 tcm),[8] and OPEC (48.7 tcm).[9] However, BP credits Russia with only 31.3 tcm as of 1 January 2014,[10] which would place it in second place, slightly behind Iran (33.1 to 33.8 tcm, depending on the source). In addition to having the world's largest proven reserves of natural gas, according to US Geological Survey estimations, Russia is also likely to have the world's largest volume of still-undiscovered natural gas: a mean probable volume of 6.7 trillion cubic meters. The USGS estimate of Russia's undiscovered oil is 22 billion barrels, second in the world only to those of Iraq.[11]