The Total production of Oil & Gas Industry in Russia (2017 - 2025, boed)

  • The Oil & Gas Industry in Russia registered Total production of 21,664,018.51 boed in 2020

  • The indicator recorded a historical decline (CAGR) of 1.12% between 2017 to 2020, and is expected to grow by ...

  • GlobalData projects the indicator to grow ...

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The Total production of Oil & Gas Industry in Russia (2017 - 2025, boed)

Published: Nov 2021
Source: GlobalData

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Why did the Total production of Oil & Gas Industry in Russia drop in 2020?

The Russian oil and gas market like most other markets across the globe has witnessed a strong overall decline in its value in the historic period. Growth in the market will however return in the forecast period.

The Russian oil and gas market like most other markets across the globe has witnessed a strong decline in its value in the historic period thanks largely due to a steep decline in the price of crude oil.. The lowest price was noted in February 2016, after which the price of crude oil has eventually stabilized but nevertheless remained far below levels seen at the beginning of the historic period. This has had a profound impact on the profitability of players operating in this market and consequently impacted the value of the oil and gas market as well.

Market consumption volumes declined with a negative low-single-digit percentage CARC between 2013 and 2017. The market's volume is expected to rise by the end of 2022, representing a low-single-digit compound annual growth rate (CAGR) for the 2017-2022 period.

Volume consumption levels in Russia have been negatively by US/EU sanctions on the country as a consequence of the Crimean crises negatively which impacted the wider Russian economy. Nevertheless, growing industrial activity in 2017 suggests consumption levels are on the rise again. According to the OECD the country’s industrial production index in 2017 has increased from 2013. Car sales have also been on the rise in 2017 according to the Association of European Businesses. This has also boosted oil consumption.

Russia is on the verge of completing two major gas pipelines to Europe, the Nord Stream 2 pipeline connecting Germany to the Russian pipeline network, and the Turk Stream pipeline connecting Turkey and thereby southern Europe to the Russian pipeline network. This will boost the natural gas segment in the Russian oil and gas market in the coming years.

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