A Review of the Nigerian Energy Industry

Russia is world’s largest producer of crude oil & lease condensate – U.S. EIA

Russia's crude oil production08 August 2015, Sweetcrude, Lagos – The U.S. Energy Information Administration’s (www.eia.gov) new “Today in Energy” brief looks at Russia’s crude oil and lease condensate production and where it is exported.

“Russia is the world’s largest producer of crude oil (including lease condensate) and the second-largest producer of dry natural gas, after the United States. Hydrocarbons play a large role in the Russian economy, as revenue from oil and natural gas production and exports accounts for more than half of Russia’s federal budget revenue. However, recent international sanctions on Russia, coupled with low oil prices, have put pressure on the Russian economy…Russia exported more than 4.7 million barrels per day (b/d) of crude oil and lease condensate in 2014, based on data from the Federal Customs Service of Russia. Countries in Asia and Europe received more than 98% of Russia’s crude oil exports.” EIA disclosed.

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