Russian Federation: Crude Oil Market 2025

Crude Oil Market Size in the Russian Federation

The Russian crude oil market contracted to $X in 2022, which is down by -8.5% against the previous year. In general, consumption continues to indicate a perceptible decline. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Crude Oil Production in the Russian Federation

In value terms, crude oil production declined to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a pronounced downturn. The pace of growth was the most pronounced in 2018 when the production volume increased by 18%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Oil Exports

Exports from the Russian Federation

In 2022, overseas shipments of crude petroleum oil increased by 2% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 7.3% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, crude oil exports dropped dramatically to $X in 2022. Overall, exports, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 52%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for crude oil exports from Russia, with a 34% share of total exports. Moreover, crude oil exports to China exceeded the volume sent to the second major destination, the Netherlands (X tons), threefold. Germany (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled +13.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-5.0% per year) and Germany (+2.2% per year).

In value terms, China ($X) remains the key foreign market for crude petroleum oil exports from Russia, comprising 35% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 13% share of total exports. It was followed by Germany, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to +5.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-11.7% per year) and Germany (-4.3% per year).

Export Prices by Country

The average crude oil export price stood at $X per ton in 2022, with a decrease of -18.7% against the previous year. In general, the export price recorded a abrupt descent. The most prominent rate of growth was recorded in 2021 an increase of 58%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were the Czech Republic ($X per ton) and Hungary ($X per ton), while the average price for exports to Italy ($X per ton) and Finland ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belarus (-0.4%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into the Russian Federation

In 2022, crude oil imports into Russia skyrocketed to X tons, rising by 175% against the previous year's figure. Over the period under review, imports, however, showed a abrupt downturn. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, crude oil imports soared to $X in 2022. Overall, imports, however, continue to indicate a precipitous decline. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Kazakhstan (X tons) was the main supplier of crude oil to Russia, with a approx. 99% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Kazakhstan stood at -16.2%.

In value terms, Kazakhstan ($X) constituted the largest supplier of crude petroleum oil to Russia.

From 2012 to 2022, the average annual rate of growth in terms of value from Kazakhstan amounted to -25.0%.

Import Prices by Country

The average crude oil import price stood at $X per ton in 2022, remaining constant against the previous year. Overall, the import price, however, showed a drastic downturn. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for Kazakhstan.

From 2012 to 2022, the rate of growth in terms of prices for Kazakhstan amounted to -10.5% per year.

Source: IndexBox Platform

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