Oil, gas account for 43% of Russian budget revenue

Russia produced an estimated 11.03 million barrels of petroleum and other liquids per day in 2015, according to the Country Analysis Brief of the US Energy Information Administration (EIA).

The country exported more than 7 million barrels per day in 2015, including roughly 5 million barrels per day of crude oil and the remainder in products and other liquids, according to the report.

EIA analysts said that Russia had roughly 7.6 million b/d of petroleum and other liquids available for exports, including almost 5 million b/d of crude and condensate exports.

The majority of Russian crude oil exports (70 percent) went to European countries, particularly Germany, the Netherlands, Belarus, and Poland, according to the report.

“The revenues from crude oil and products exports in 2015 accounted for 46 percent of Russia’s total export revenues,” said the EIA. “Additionally, 43 percent of Russia's federal budget revenue in 2015 came from oil and natural gas activities.”

Asia and Oceania accounted for 28 percent of Russian crude exports in 2015, with China and Japan accounting for a growing share of total Russian exports, according to the report.

However, Russia’s crude oil exports to North America and South America have been largely displaced by increases in crude oil production in the US, Canada, and, to a lesser extent, in Brazil, Colombia, and other countries in the Americas, said the EIA.

Russia is a major producer and exporter of oil and natural gas. Its economic growth is driven by energy exports, given its high oil and natural gas production. (Trend.az)