Sylvie Willis
Russia is a significant global supplier of fuel, with the world's largest proven gas reserves, accounting for about 24.39% of the world's total gas reserves as of 2017. In 2021, Russia was the second-largest producer of natural gas and the fourth-largest LNG exporter, accounting for approximately 8% of the global LNG supply. Russia is also a major exporter of crude oil, with China being the largest importer, and Europe taking about two-thirds of its exports. In 2021, Russia's crude and condensate output reached 10.5 million barrels per day, making up 14% of the world's total supply. Russia also supplies petroleum products, with Europe being a major market, and is a leading producer of diesel, vacuum gasoil, and heavy fuel oil.
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What You'll Learn
Russia's oil exports to China and India
Russia has the sixth-largest oil reserves globally and is one of the largest producers and exporters of oil in the world. In December 2015, Russia produced 10.83 million barrels of oil per day, mainly exported to Europe. In 2021, Russia's crude and condensate output reached 10.5 million barrels per day, making up 14% of the world's total supply. That year, Russia exported an estimated 4.7 million barrels per day of crude oil to countries around the world.
China is the largest importer of Russian crude oil, with 1.6 million barrels per day in 2021. In 2022, Russia launched an energy pivot to Asia, a strategy focused on reducing export dependence on Europe and taking advantage of growing Asian demand for crude. In 2023, Russia's exports to China and India accounted for around 90% of its crude exports. Europe's share of Russia's crude exports fell from about 40-45% to 4-5%. China's share of Russian oil exports grew to 45-50%, and India's total share of supplies reached 40%.
In response to Western sanctions, Russia has invested in tankers to transport crude oil to new markets in the Far East, especially China and India, to replace lost European markets. Russia exports large volumes of ESPO blend crude oil to Asia via the East Siberia-Pacific Ocean (ESPO) pipeline.
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Europe's dependence on Russian oil
Russia has the sixth-largest oil reserves globally and is one of the largest producers and exporters of oil. In 2021, Russian crude and condensate output reached 10.5 million barrels per day (bpd), making up 14% of the world's total supply. The country exports significant volumes of oil to Europe, with Europe remaining a major market for Russian oil products. In 2021, Russia exported 750,000 bpd of diesel to Europe, meeting 10% of demand. Russia also has the world's largest natural gas reserves and was the largest exporter of natural gas until 2022.
Russia has extensive crude export pipeline capacity, allowing it to ship large volumes of crude directly to Europe. The Druzhba pipeline system, the world's longest pipeline network, transports 750,000 bpd of crude directly to refiners in East and Central Europe. Russia supplies roughly 20% of total European refinery crude throughputs. In addition to pipeline exports, Russia also ships crude by tanker from its Northwest and Black Sea ports.
While imports of Russian oil and gas to Europe have decreased since the invasion of Ukraine, they have not stopped entirely. In the third year of the invasion, EU imports of Russian fossil fuels totalled EUR 21.9 billion, a 6% year-on-year drop in value but only a 1% year-on-year drop in volume. Gas imports dropped from 45% in 2021 to 18% in 2024, but a quarter of Russia's fossil fuel export revenues still come from Europe.
To reduce its dependence on Russian gas, Europe would need to significantly increase its renewable energy capacity or nuclear capacity. Alternatively, Europe could look to other sources of natural gas, such as the growing LNG exports from the United States, Australia, and Qatar.
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Russia's liquefied natural gas (LNG) exports
Russia has been expanding its liquefied natural gas (LNG) capacity to compete with the growing LNG exports from the United States, Australia, and Qatar. In 2021, Russia exported 40 billion cubic meters (bcm) of LNG, making it the world's fourth-largest LNG exporter and accounting for approximately 8% of the global LNG supply. Russia has the world's largest natural gas reserves and was the second-largest producer of natural gas in 2021, behind the United States.
Prior to 2017, Gazprom was the sole producer of LNG in Russia. The construction of LNG plants and the necessary infrastructure is often very costly, requiring foreign investment and tax concessions. Novatek's Yamal LNG project, for example, benefited from a 13.5% tax rate for 12 years or until production reached 250 bcm, as well as exemptions from export and mining taxes for nine years. In 2023, Novatek announced a delay in the start of its Arctic LNG2 project due to US sanctions, which also caused some foreign investors to withdraw.
Russia has been utilizing ice-breaking gas tankers and transshipment facilities in Belgium to export LNG to the Asia-Pacific region and the EU network. China has been the main export market for Russian LNG since 2017, with other operations located near the Russian-Finnish border and the Baltic Sea supplying gas to Turkey, former Soviet Union (FSU) countries, and Europe. In 2023, the EU proposed a law to block Russia's access to European pipelines and LNG terminals, which may impact Russia's ability to deliver LNG to Europe.
Western sanctions have restricted Russian LNG producers' access to Western liquefaction technology. As a result, Russia's new gas export strategy assumes that LNG projects will rely on domestic technologies and seeks to find new buyers outside of traditional markets, potentially using LNG as a geopolitical tool to gain political allies. Russia's LNG exports exceeded the volumes of 2021 in 2023, while its natural gas exports have declined by an estimated 42% since 2021 due to the loss of the European market.
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Russia's petroleum products exports
Russia has extensive crude oil export pipelines, allowing it to ship large volumes of crude oil to Europe and Asia. In 2021, Russia exported an estimated 4.7 million barrels per day (bpd) of crude oil to countries around the world, accounting for 14% of the world's total supply. China is the largest importer of Russian crude, receiving 1.6 million bpd, while Russia also exports a significant volume to Europe (2.4 million bpd). In addition to crude oil, Russia is a major exporter of vacuum gasoil and heavy fuel oil. In 2021, Russian refineries processed 5.6 million bpd of crude and exported 2.8 million bpd of oil products, including diesel, vacuum gasoil, and heavy fuel oil. Europe remains a major market for Russian oil products, with Russia exporting 750,000 bpd of diesel to Europe in 2021, meeting 10% of the demand.
Russia is also a leading exporter of liquefied natural gas (LNG), accounting for approximately 8% of global LNG supply in 2021. The country has been expanding its LNG capacity to compete with the United States, Australia, and Qatar. In 2021, Russia exported 40 bcm of LNG, making it the world's fourth-largest LNG exporter. Russia has also been focusing on the Arctic as a way to increase oil and gas production and offset declines at existing older production sites. The Arctic accounts for over 80% of Russia's natural gas production and an estimated 20% of its crude production.
In recent years, Russia's oil exports have faced sanctions and restrictions due to geopolitical tensions. Despite this, Russian oil exports have continued to rise, providing stability to the world market. To circumvent sanctions, Russia has invested in hundreds of old tankers to transport crude oil to new markets in the Far East, particularly China and India. In January 2025, it was reported that 402 vessels exported Russian crude oil and oil products, of which 207 were 'shadow' tankers, raising environmental and financial concerns due to their age. By June 2025, the number of vessels exporting Russian crude oil and oil products increased to 435, with 153 identified as 'shadow' tankers.
While India's global imports of crude oil dropped by 6% in June 2025, imports from Russia saw an 8% month-on-month rise, reaching their highest levels since July 2024. China has consistently been the largest buyer of Russian crude oil, purchasing 47% of its crude exports, while India has been the second-largest buyer, with 37%- 38% of Russia's crude exports going to the country. Turkey has emerged as the largest buyer of Russian oil products, accounting for 25-26% of Russia's oil product exports, followed by China and Brazil.
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Russia's natural gas reserves
Russia has extensive natural gas reserves, which are among the largest in the world. Sources disagree on whether Russia has the largest or second-largest proven reserves. The US CIA, US Energy Information Administration, and OPEC consider Russia to have the world's largest proven reserves, with estimates ranging from 47,600 to 49,000 cubic kilometres. However, BP estimates Russia's reserves to be around 32,900 cubic kilometres, which would place it second after Iran. As of 2017, Russia held 1,688 trillion cubic feet of proven gas reserves, accounting for about 24.39% of the world's total gas reserves. This equates to about 102 years' worth of gas at current consumption levels.
Russia is a major exporter of natural gas, supplying 50% of the European Union's natural gas in 2020 and 40% in 2021. Russia has been expanding its liquefied natural gas (LNG) capacity and released a long-term LNG development plan in 2021, aiming for 110-190 bcm/year of LNG exports by 2025. In 2021, Russia exported 40 bcm of LNG, making it the world's fourth-largest LNG exporter, accounting for about 8% of the global LNG supply.
Russia has been diversifying its natural gas exports beyond Europe, particularly to Asia. In 2014, Russia and China reached an agreement for Russia to supply China with 38 billion cubic meters (bcm) of natural gas annually for 30 years, starting in 2018. The Power of Siberia pipeline, commissioned in December 2019, facilitates this supply. Additionally, Russia has been focusing on the Arctic as a way to increase gas production, with the Arctic accounting for over 80% of Russia's natural gas production.
Russia's natural gas exports have faced disruptions due to the country's involvement in the Russo-Ukrainian war. In 2022, Russia restricted gas supply to the EU in response to countries expressing support for Ukraine. This resulted in a loss of export pipelines to the EU, with Russia's gas exports falling by around 70% in 2023 compared to 2021. Russia has sought to divert its crude oil exports to new markets in the Far East, particularly China and India, to compensate for the loss of European markets.
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Frequently asked questions
In 2021, Russia exported 4.7 million barrels per day (bpd) of crude oil to countries around the world.
In 2021, China was the largest importer of Russian crude oil, buying 1.6 million bpd. European nations collectively take about two-thirds of Russia's oil exports.
Russia is the world's largest exporter of natural gas and the second-largest producer, with the world's largest gas reserves. Russia is also the fourth-largest energy user. In 2021, Russia was the world's fourth-largest exporter of liquefied natural gas (LNG), accounting for 8% of global LNG supply.
Russia's output includes naphtha, vacuum gas oil, gas oil, and fuel oil.
