Russia 🇷🇺 is a crucial player in transnational energy markets. It is one of the world’s top three crude producers, vying for the top spot with the kingdom of Saudi Arabia and the United States. Russia relies heavily on incomes from oil and natural gas, which in 2021 composed 45% of Russia’s federal budget.
In the year 2021, Russian crude and condensate output reached 10.5 million barrels per day (bpd), making up 14% of the world’s total stock. Russia has oil and gas production installations throughout the country, but the bulk of its areas are concentrated in western and eastern Siberia. In 2021 Russia exported an estimated 4.7 million BPD of crude, to countries around the globe. China is the biggest importer of Russian crude (1.6 million BPD), but Russia exports a considerable volume to buyers in Europe (2.4 million BPD).