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  • An invasion into the Ukraine by Russian troops on 24 February 2022 has as of yet not resulted in a loss of oil supply to the market. Prices nevertheless surged by USD 8/bbl to USD 105/bbl following the news, on expectations that sanctions against Russia would cripple energy exports. It is currently unclear what the impact of sanctions will be on energy flows and how long any potential supply losses will last.
  • Russia is the world’s third largest oil producer behind the United States and Saudi Arabia. In January 2022, Russia’s total oil production was 11.3 mb/d, of which 10 mb/d was crude oil, 960 kb/d condensates and 340 kb/d NGLs. By comparison, US total oil production was 17.6 mb/d while Saudi Arabia produced 12 mb/d. 
  • Russia is the world’s largest exporter of oil to global markets and the second largest crude oil exporter behind Saudi Arabia. In December 2021, it exported 7.8 mb/d, of which crude and condensate accounted for 5 mb/d, or 64%. Oil product exports totalled 2.85 mb/d, of which 1.1 mb/d of gasoil, 650 kb/d of fuel oil and 500 kb/d of naphtha and 280 kb/d of vacuum gas oil (VGO). Gasoline, LPG, jet fuel and petroleum coke made up the remaining 350 kb/d. 


Russian crude and oil product exports, Jan 2020-Dec 2021

Openexpand
  • About 60% of Russia’s oil exports go to OECD Europe, and another 20% go to China. In November, the latest month for which official monthly oil statistics are available, OECD Europe imported a total of 4.5 mb/d of oil from Russia (34% of its total imports), of which 3.1 mb/d was crude oil and feedstocks and 1.3 mb/d oil products. OECD Asia Oceania imported 440 kb/d of total oil from Russia in November (5% of total imports), while the OECD Americas imported 625 kb/d (17% of total imports).
  • Roughly 750 kb/d of crude oil is delivered to Europe via the Druzhba pipeline system. Most immediately at risk are the ~250 kb/d of Russian oil transiting Ukraine via the southern branch of the Druzhba pipeline to supply Hungary, Slovakia and the Czech Republic. China is the largest single buyer of Russian oil, taking 1.6 mb/d of crude on average in 2021, equally divided between pipeline and seaborne routes. Russia is also a significant supplier of crude to Belarus, Romania and Bulgaria, and of products to most of the FSU countries, including Ukraine.  

OECD oil imports, total and from Russia, November 2021
Thousand barrels per day

   Total oil

Crude oil + NGLs + feedstocks

Total products

 

 

Total

 

Russia

 

Share

 

Total

 

Russia

 

Share

 

Total

 

Russia

 

Share

Australia

960

-

0%

145

-

0%

815

-

0%

Japan

3 993

126

3%

2 894

122

4%

1 098

4

0%

Korea

3 678

313

9%

2 713

155

6%

966

157

16%

New Zealand

126

-

0%

67

-

0%

59

-

0%

OECD Asia Oceania

8 589

439

5%

6 046

277

5%

2 543

161

6%

Canada

960

-

0%

709

-

0%

251

-

0%

Chile

334

-

0%

109

-

0%

224

-

0%

Mexico

1 036

-

0%

10

-

0%

1 025

-

0%

United States

8 533

626

7%

6 836

478

7%

1 698

147

9%

OECD Americas

3 687

626

17%

2 574

478

19%

1 113

147

13%

Austria

291

8

3%

156

8

5%

135

-

0%

Belgium

1 189

278

23%

648

183

28%

541

95

18%

Czech Republic

244

52

21%

138

52

38%

106

-

0%

Denmark

189

28

15%

90

-

0%

99

28

28%

Estonia

38

13

34%

-

-

0%

38

13

34%

Finland

309

246

80%

240

201

84%

69

45

65%

France

1 844

233

13%

736

98

13%

1 108

135

12%

Germany

2 748

835

30%

1 877

687

37%

871

149

17%

Greece

683

200

29%

568

191

34%

115

9

8%

Hungary

216

92

43%

135

79

59%

81

13

16%

Iceland

14

-

0%

-

-

0%

14

-

0%

Ireland

184

11

6%

61

-

0%

123

11

9%

Israel

359

-

0%

310

-

0%

49

-

0%

Italy

1 521

204

13%

1 235

180

15%

286

25

9%

Latvia

37

9

24%

-

-

0%

37

9

24%

Lithuania

224

185

83%

198

173

87%

26

12

46%

Luxembourg

59

-

0%

-

-

0%

59

-

0%

Netherlands

3 184

748

23%

1 321

414

31%

1 863

335

18%

Norway

183

45

25%

56

10

18%

127

35

28%

Poland

878

509

58%

632

372

59%

247

136

55%

Portugal

310

31

10%

144

31

22%

166

-

0%

Slovak Republic

148

109

74%

119

109

92%

30

-

0%

Slovenia

75

-

0%

-

-

0%

75

-

0%

Spain

1 677

183

11%

1 337

134

10%

340

49

14%

Sweden

492

43

9%

338

31

9%

154

12

8%

Switzerland

202

-

0%

73

-

0%

129

-

0%

Turkey

1 201

258

21%

736

141

19%

464

116

25%

United Kingdom

1 567

170

11%

976

56

6%

591

114

19%

OECD Europe

13 186

4 492

34%

9 773

3 148

32%

3 413

1 344

39%

                   

OECD Total

21 465

5 556

26%

16 240

3 904

24%

5 225

1 652

32%

Source: Monthly Oil Statistics (MOS). The regional totals do not include intra-regional trade and therefore reflect total imports entering the region and not trade between countries of the region.