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Energy Fact Sheet: Why does Russian oil and gas matter?
One of the world’s top oil producers and exporters Russia is a major player in global energy markets. It is one of the world’s top three crude producers, vying for the top spot with Saudi Arabia and the United States. Russia relies heavily on revenues from oil and natural gas, which in 2021 made up 45% of Russia’s federal budget.In 2021, Russian crude and condensate output reached 10.5 million barrels per day (bpd), making up 14% of the world’s total supply. Russia has oil and gas production facilities throughout the country, but the bulk…
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2022 Energy Crisis: Frequently Asked Questions
…although Gazprom refused to accommodate this option. Transit gas volumes via Ukraine to the European Union have dropped by 60% since then. Domestic gas supplies in Ukraine have been disrupted in several regions due to pipeline damage caused by military operations. How much oil does Russia export?Russia plays an outsized role in world oil markets. It is the third largest producer of oil behind the United States and Saudi Arabia, the world’s second largest exporter of crude oil behind Saudi Arabia, and the largest overall exporter once products are included. In October it exported about 5 million barrels…
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Germany's legislation on oil security
…supply shortages in emergency situations: first, the more general 1975 Energy Security of Supply Act (ESSA), second, the more specific 2012 Petroleum Stockholding Act (PSA) and third the Mineral Oil Data Act (Datenverfügbarkeiten durch das Mineralöldatengesetz). The ESSA provides for a general legal framework aimed at the protection of Germany’s electricity supply (including but not limited to oil supply). The PSA implements the European Union’s Directive 2009/119/EC and lays out a specific legal framework concerning the protection of Germany’s energy supply by stockholding oil and other petroleum products. The Mineral Oil Data Act provides the…
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Case Study: Energy Savings Meter Programme in Germany
…large, more established companies.The total funding envelope during the first period (May 2016 to December 2018) encompassed EUR 62 million, which was spent in its entirety. Funding for the second period, which goes until end of 2020 has been increased to EUR 100 million. Maximum funding per project has been increased from €1 to €2 million. Flagship projects that strengthen the market for energy efficiency financing are also funded with up to € 200,000 at a funding rate of 80%. Impacts The first and pilot phase of this programme was launched by the BMWi (Federal Ministry f...
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Fuel economy in Russia
Market profile and analysis of fuel consumption trends In 2019, light-duty vehicle (LDV) sales reached 1.8 million in the Russia Federation (Russia). Average fuel consumption of Russian LDVs was 8.3 gasoline equivalent per 100 kilometres (Lge/100 km) in 2019, roughly 16% above the global average. Fuel economy improvements between 2005 and 2019 have been marginal in Russia, with fuel consumption of LDVs decreasing 0.9% on average per year. Fuel consumption of large cars in 2019 remained unchanged from its 2005 average of 8.3 Lge/100 km, while fuel consumption of city cars increased from…
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Oil Market Report - December 2017
…countries. Highlights Our forecast for global demand growth remains unchanged at 1.5 mb/d in 2017 (or 1.6%) and 1.3 mb/d in 2018 (or 1.3%). Revisions have been made to data for Nigeria, Germany and Iraq. The baseline for oil demand has been raised by roughly 0.2 mb/d.Global oil supply rose 0.2 mb/d in November to 97.8 mb/d, the highest in a year, on the back of rising US production. Output was nonetheless down 1.1 mb/d on a year ago when Russia and Middle East OPEC producers pumped at record rates. Non…
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Oil Market Report - June 2023
…exports, while shipments to Africa, the Middle East and Latin America made up another 12%. Estimated export revenues fell by $1.4 bn to $13.3 bn, down 36% on a year ago, with average crude prices easing from $60/bbl in April to $55/bbl in May.Global refinery throughputs are forecast to increase by 1.8 mb/d in 2023 and 1 mb/d next year when it averages 83.4 mb/d. A further decline in OECD crude runs next year is more than offset by the 1.3 mb/d increase in non-OECD activity. New…
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Oil Market Report - June 2022
…As for OPEC+, total oil output in 2023 may fall as embargoes and sanctions shut in Russian volumes and producers outside the Middle East suffer further declines. Assuming Libya rebounds from a steep drop, the bloc’s production could increase 2.6 mb/d this year, eroding its spare capacity cushion.Global refining capacity is set to expand by 1 mb/d in 2022 and 1.6 mb/d in 2023, boosting throughputs by 2.3 mb/d and 1.9 mb/d, respectively. Nevertheless, product markets are expected to remain tight, with a particular concern for diesel and kerosene…
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Oil Market Report - December 2018
…in the US, Middle East and China. Lower crude prices helped margins, although the gasoline-focused US Gulf Coast lagged behind.OECD commercial stocks rose in October for the fourth consecutive month, by 5.7 mb, to 2 872 mb. They were above the five-year average for the first time since March. NGL and feedstock inventories hit a historic high whereas fuel oil stocks fell to a record low.Having fallen by 30% since early October, oil prices stabilised with ICE Brent close to $60/bbl and NYMEX WTI at $52/bbl. Weak demand weighed on gasoline and naphtha markets. Freight rates…
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Oil Market Report - February 2018
…global refining throughput is expected to slow by 0.4 mb/d in 1Q18 to 81.1 mb/d due to seasonal maintenance, primarily in the US and Middle East. A strong rebound is expected in April-May as runs ramp up to meet increased seasonal demand and to replenish product stocks. Highlights Global oil supply in January edged lower to 97.7 mb/d but was 1.5 mb/d above last year as rebounding US production underpinned non-OPEC output growth.OPEC crude oil production in January was steady month-on-month (m-o-m) at 32.16 mb/d…