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.
What is the long-term outlook for Russian oil production?
k for Russian Oil1.1 IntroductionThe longer-term outlook for Russian oil production is extremely uncertain. The IEA’s World Energy Outlook 2022 postulates a 2 mmbpd drop for Russia’s oil producti
Why did Russia cut oil production in June?
In June, all the additional cuts will be from oil output. A Russian company source also said that it’s been difficult to reduce oil production due to challenging production process, including high pressure in oil wells. The Reuters Power Up newsletter provides everything you need to know about the global energy industry.
Which country imports Russian crude oil?
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). Russia produces several different types of crude oil, but its main export blend is Urals, which is a medium sour crude.