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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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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 - 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…
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Oil Market Report - May 2017
…cuts. Sour grades continued to trade higher than sweet crudes.In 2Q17, global refining activity slows down seasonally, lower by 370 kb/d from 1Q17, but is set to ramp up by 2.4 mb/d by July-August. The OECD leads the way: in non-OECD areas, maintenance and refinery closures in the Middle East, underperformance in Latin America and flat growth in India are not offset by growth in China and Russia. Highlights Weakness in a number of previously solid countries - India, US, Germany and Turkey - curtailed the 1H17 global demand growth estimate by 115 kb/d. Global demand growth is, however…
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Oil Market Report - April 2017
…refinery maintenance season.After 1Q17's almost flat performance vs 1Q16, refinery throughput in 2Q17 will grow 1.15 mb/d y-o-y. Refinery crude demand will surge by 3.5 mb/d between March and July, with most of the increase coming from Atlantic Basin refiners and the Middle East. Highlights Global demand growth of 1.3 mb/d is forecast for 2017, a second consecutive annual decline and slightly below our prior forecast following weaker than expected 1Q17 demand. Subdued gains in Russia and India, and weaker momentum in OECD countries, were key factors.World oil supply fell by 755 kb/d in…
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Oil Market Report - March 2022
…positions due to extreme volatility. At a crossroads Faced with what could turn into the biggest supply crisis in decades, global energy markets are at a crossroads. Russia’s invasion of Ukraine has brought energy security back to the forefront of political agendas as commodity prices surge to new heights. While it is still too early to know how events will unfold, the crisis may result in lasting changes to energy markets.The implications of a potential loss of Russian oil exports to global markets cannot be understated. Russia is the world’s largest oil exporter, shipping 8 mb/d…
