Russia Is a Top Oil and Gas Producer/Sanctions and Global Tensions Alter the Export Market for Russia

Russia plays a major role in the global energy market and is ranked among top producers of crude oil as well as gas. It is also a major producer of hydroelectric power and coal, and it has significant nuclear energy production technologies and capabilities (roughly 20% of its electricity generation is nuclear). At the same time, Russia suffers from a shortage advanced oil and gas technologies (and from aging infrastructure), is not attractive to international oil companies as a place to invest and faces sanctions from many major oil importing nations that might otherwise generate vast amounts of trade with Russia. Oil and gas exports are a vital part of the national economy.

Russia also must deal with harsh geographic and climate challenges while operating in its remote, frigid regions. Over time, market sanctions will have a significantly detrimental effect on Russia’s ability to invest in badly needed technology, infrastructure and discovery projects. Notably, in 2022 world energy giant ExxonMobil walked away from a $4 billion investment in a joint venture with Russian firms for long-term production on Russia’s Sakhalin Island—a huge field. During 2021, the EIA (Energy Information Administration) in the U.S. rated Russia as both the world’s third-largest producer and third-largest consumer of energy in total.

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Russia Is a Top Oil and Gas Producer/Sanctions and Global Tensions Alter the Export Market for Russia, Business and Industry Trends Analysis

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