How much oil does Russia sell per year? How much oil and gas does Russia sell per year?

2024 Author: Henry Conors | [email protected]. Last modified: 2024-02-12 02:53

The Russian Federation is the largest exporter of natural gas. It has the second largest coal reserves. There are more and more discussions in the press that the Russian Federation has long been on the energy "needle". Therefore, now even ordinary people have become interested in how much oil Russia sells per year. The Russian Federation ranks eighth in the world in terms of oil reserves, but the volume of production exceeds that of any country in the world. In this article, we will try to figure out how the sharp drop in prices for "black gold" affected the country's economy. We will also discuss the Russian export industries, the place of hydrocarbons in its structure, experts' forecasts on the depletion of natural resources and the peculiarities of the government's energy policy.

How much oil Russia sells per year

As of December 2015, Russia produces an average of 10.83 million barrels. This is 12% of world production. At the same time, in terms of reserves, the state is only in eighth place. The export of the Russian Federation of crude oil - all the same12%. In 2015, 396 million tons were sold. Assume that the market price is set at $30 per barrel. Consider how much oil Russia sells per year. Get the amount of export earnings. This is 87 billion, another 30 can be earned on gas.

RF foreign trade

On average, for the period from 1997 to 2015, the amount of exports and imports of Russia amounted to 9112.95 million US dollars. The record high was in January 2012, the lowest in February 1998. If we talk about how much oil and gas Russia sells per year, then the answer will be - 58% of total exports. An important article is also the export of timber. What does Russia sell besides wood, oil and gas? Other exports include metals (nickel, iron), chemical products, machinery and military equipment. Russia's main trading partners are China, Germany and Italy.

How many years oil reserves will last

The scientific and technological revolution and progress increasingly require more and more energy, but does the common man think that resources are by no means endless? At the end of the USSR, teachers in Soviet schools said that there would be enough black coal for 150 years, brown coal for 650 years, oil for 200, gold for 100, and diamonds for 80. However, by the early 2000s it became clear that consumption natural resources has increased dramatically. Humanity's needs are 1.5 times greater than the planet's ability to renewfossils. At the same time, residents of developed countries use much more resources than poor countries. Although it is the latter that control 2/3 of the world's oil reserves. Russia is in 8th place in this indicator. At the current level of production in the Russian Federation, it will last for 21 years, in the world - for 50 years. As for gas reserves, Russia is in first place here. At the current level of production, it will last for 80 years in the Russian Federation, for 60 years in the world.

Why is oil getting cheaper?

It turns out, according to experts, the reserves of "black gold" in the world will last only 50 years. This is less than a century, but why, then, has the market settled at such a low price? According to James Medway, Chief Economist at NEF, there are quite objective reasons for this situation. And the main one is the so-called shale revolution. The uniqueness of the new fuel is that at first it was not taken seriously by governments, so private companies took over. The global overproduction of oil arose because huge national corporations did not take into account the emergence of new players in the market who have their own interests. After the largest investment bank Goldman Sachs published its forecast in September 2015 that "black gold" could fall in price to 20 US dollars per barrel, all attention was focused on the Russian Federation. It seemed that the whole world was trying to calculate how much money Russia was losing due to falling oil prices. However, the disaster has not happened yet. The 2016 budget includes a price of $50 perbarrel, in reality we have only 30. Given the volume of exports, the Russian Federation loses about 200 million US currency units per day.

How much did Russia miss?

Financial analysts, after analyzing the situation with record low oil prices and economic sanctions, calculated that the Russian Federation will lose about $600 billion from 2014 to 2017. At the same time, they repelled in their study from a price of $50 per barrel. The loss of foreign direct investment will also let you know about yourself. In their opinion, residents need to wait for the next round of price increases and a jump in the dollar.

Meanwhile in the world

More than half of Russia's income comes from oil. However, it was not the Russian Federation that suffered much more, but the US shale industry. According to experts, it is profitable at a price of 70-77 dollars per barrel. However, already in the middle of the 21st century, experts expect a sharp decline in the energy balance. Third world countries that may not have time to switch to alternative technologies may become the main consumers of oil. Therefore, “black gold” will definitely be enough for the 21st century, and its fair price will fluctuate at the level of 70-100 dollars

Russian energy policy

For the period until the end of 2020, the Russian Federation has a strategy that came into force in 2003. It sets the following priorities for the country:

• Sustainability.
• Increaseenergy efficiency.
• Reducing the negative impact on the environment.
• Energy and technology development.
• Working on efficiency and competitive advantage.

In July 2008, the President of Russia signed a law according to which the government can produce oil and gas on the continental shelf without a tender. This angered the opposition. In February 2011, Russia signed an agreement with China under which, in exchange for a $25 billion loan, it would supply large volumes of crude oil over the next 20 years.

Industry Issues

Oil and gas account for 60% of Russian exports and 30% of GDP. The state produces 10.6 million barrels a day. How much oil does Russia sell per year? It covers about 12% of the world's needs. The Russian economy is highly dependent on the export of hydrocarbons. The Russian Federation also uses its position as a supplier of oil and gas in foreign policy. The EU is working to reduce its energy dependence on Russia. Since the mid-2000s, the Russian Federation and Ukraine have had several conflicts, during which gas supplies to Europe were cut off. In addition, the construction of the Nabucco gas pipeline was stopped. To date, the EU countries still have not overcome their energy dependence. As for the fair price of oil, experts have not yet reached a consensus on this issue.