ntinued purchase of Russian crude. This is because anyone involved in the trade of Russian oil is mandated to ensure that the hydrocarbons have been sold at below $60 per barrel, and as long as they have been assured that this is the case then they can still be involved i
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
How much oil does Russia have?
s vast oil reserves and resources. According to the 2023 edition of the Energy Institute¡¯s Statistical Review of World Energy 2023, Russia¡¯s proved reserves as of the end of 2020 amounted to 108 billion barrels (representing 6.2 per cent share of global reserves) with a reser
Where does Russia export crude oil?
Russia¡¯s four largest ports (Primorsk, Nakhodka, Novorossiysk, and Ust-Luga) for crude oil exports together accounted for 71% of Russia¡¯s seaborne crude oil liftings in 2020 (Table 2) 13. According to Oil & Gas Journal, as of January 2021, Russia had 5.5 million b/d of crude oil refining capacity from more than 25 refineries.