BOFIT Viikkokatsaus / BOFIT Weekly Review 2018/11

Russia last year produced crude oil about 546 million metric tons or 11 million barrels a day (gas condensates included). Production levels were about the same as in 2016. Russia is one of the world's largest oil producers, accounting for about 11 % of global production. Most of Russia's oil still comes from its traditional production areas in the Ural and Volga federal districts. The share of the Ural Federal District, however, has contracted in recent years as new oil fields have come on stream in Eastern Siberia and the Far East. Several forecasts see Russian oil production remaining at current levels this year due to Russia's voluntary production ceiling agreement with OPEC. In 2019 and 2020, Russian oil production is expected to rise at 1–2 % a year.

Crude oil and oil products are still by far Russia's top export products. Last year they accounted for over 40 % of Russia's goods export income, or just over $150 billion. The volume of crude oil exports, however, declined by 1 % and oil products by nearly 5 %. Russia's economy ministry expects the total export volume of oil and oil products to increase by less than 1 % a year in 2018–2020. Most Russian exports of crude oil and oil products still go to EU countries, but last year China became Russia's largest single crude oil customer, accounting for over 20 % of Russian oil exports.

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