Graph of Top Oil Producing Countries 1960-2006, including Russia
Russia natural gas production (red) and exports (black).
The petroleum industry in Russia is one of the largest in the world. Russia has the largest reserves, and is the largest exporter, of natural gas. It has the second largest coal reserves, the eighth largest oil reserves, and is the largest producer of oil. It is the third largest energy user.
Russia is the largest oil producer in the world, producing an average of 10.2 million barrels (1,620,000 m3) of oil per day in 2010. It produces 12% of the world's oil and has a same share in global oil exports. In June 2006, Russian crude oil and condensate production reached to the post-Soviet maximum of 9.7 million barrels (1,540,000 m3) per day. Exceeding production in 2000 by 3.2 Mbbl/d (510,000 m3/d). Russian export consists more than 5 Mbbl/d (790,000 m3/d) of oil and nearly 2 Mbbl/d (320,000 m3/d) of refined products, which go mainly to the Europe market. The domestic demand in 2005 was 2.6 Mbbl/d (410,000 m3/d) in averaged. It is also the main transit country for oil from Kazakhstan.
Russia is by far the world's largest natural gas exporter. Most, but not all authorities believe that Russia has the world's largest proven reserves of natural gas. Sources that consider that Russia has by far the largest proven reserves include the US CIA (47.6 trillion cubic meters), the US Energy Information Administration (47.8 tcm), and OPEC (48.7 tcm). However, BP credits Russia with only 32.9 tcm, which would place it in second place, slightly behind Iran (33.1 to 33.8 tcm, depending on the source).
The Russian oil industry is in need of huge investment. Strong growth in the Russian economy means that local demand for energy of all types (oil, gas, nuclear, coal, hydro, electricity) is continuing to grow.