Petroleum industry in Russia

[5] In June 2006, Russian crude oil and condensate production reached the post-Soviet maximum of 9.7 million barrels (1,540,000 m3) per day.

[9] Strong growth in the Russian economy means that local demand for all types of energy sources (oil, gas, nuclear, coal, hydro, electricity) continues to grow.

[citation needed] Russia has seen extracting oil and gas from the Arctic region as important, especially for the Liquefied natural gas industry in Russia which was given a major boost from 2017 with investment and tax incentives, mainly to Novatek, however foreign investors pulled out in 2022 following the Russian invasion of Ukraine, with technology and key machinery essential for the operations coming under sanctions.

As part of the sanctions, an embargo of importing ship-borne Russian crude and refined oil was introduced by the EU, G7 countries and Australia beginning in December 2022, with a few exceptions for a limited time period.

[16] A US Treasury report in May 2023 highlighted that Russian oil exports were continuing to rise, providing stability in the world market, as planned, whilst Russia's revenue was being restrained by the price cap to $5–6 billion per month, compared with $8–15 billion a month in 2022.

Market participants and geopolitical analysts now acknowledge that the price cap is accomplishing both of its goals.

Ukrainian journalist Illia Ponomarenko said that "Russia finances its military from oil exports.

[citation needed] The biggest Russian oil company is Rosneft followed by Lukoil, Surgutneftegaz, Gazprom Neft and Tatneft.