With daily crude production of over 11m bbl/day, Russia is holding sway in the global oil markets where it has become a key OPEC partner and remains an essential supplier of OECD Europe. The country’s oil output has been growing fast, and domestic producers have enjoyed the joint benefit of higher crude prices in US dollars and a weaker rouble reducing their cost exposure. Russian oil and gas companies have grown despite sanctions and constrained access to capital and technology, placing the country among the world’s top three suppliers along Saudi Arabia and the US.
Download this latest market insight by ICIS Global Crude Oil deputy editor Julien Mathonniere to find out what growth in Russian crude production means for the global oil markets.