Russian market

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Russia is the world's 3rd biggest oil producer (as of the end of 2020), with approximately 10.7 million barrels of oil produced every day, which is down 1 mln. bb/day from 2019 due to reduced demand following Covid-19 impact and OPEC+ production cuts. Over 70% of that oil originates in the brownfield regions of Western Siberia and Volga-Urals. These regions have been producing oil for over 60 years and will continue to account for the lion's share of production for at least the next decade. According to the BP Statistical Review of World Energy 2021, Russia contained almost 108 billion barrels of proved oil reserves at the end of 2020, representing 6.2% of total global reserves.

The Russian economy is highly dependent on the oil & gas industry, with more than 36% of state revenues derived from hydrocarbon production.

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