Russia

SANCTIONED

Europe & Eurasia

Production

9.9M bbl/d

Imports

63.9K bbl/d

Exports

7.7M bbl/d

Net Balance

7.6M bbl/d

Net exporter

Consumption by Product

2022 · thousand bpd

Petrol33.1%

Diesel31.5%

Kerosene3.3%

Jet Fuel7.6%

LPG7.0%

Fuel Oil10.9%

Other6.6%

Proven Oil Reserves

80.0B

barrels (proven)

~22 yrs

at current production

Comfortable

050 yrs100+ yrs

Proven reserves = crude oil in the ground. Many countries import most of their refined fuel (petrol, diesel, jet fuel), so high reserves don't guarantee fuel supply security.

Production Trend

Price History

Refinery Capacity

Capacity

6.1K bbl/d

Throughput

5.5K bbl/d

Utilization

90.2%

Geopolitical Context

Active Sanctions

OFACSince 2022

Sectoral sanctions

Sanctions on Russian oil sector, price cap of $60/bbl on seaborne Russian crude

EUSince 2022

Oil import ban

EU ban on seaborne Russian crude oil imports (Dec 2022) and refined products (Feb 2023)

Embargoes

G7 + EU + Australia

$60/bbl price cap on Russian seaborne crude using Western services

Since 2022

Trade Restrictions

•G7 price cap on crude ($60/bbl) and refined products
•EU seaborne import ban
•Insurance and shipping restrictions

OPEC+ member (not OPEC). World's 3rd-largest producer. Redirected exports to India and China since 2022.

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