Russian Oil Industry

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Analytics of Russian Oil Industry

For Russia oil has the vital value, being the basic source of export with the other source of raw materials. Tax payments of the oil companies remain one of the basic sources of replenishment of a profitable part of the budget. The Russian economy strongly depends on "the oil" price, and this tendency doesn't manage to be broken yet.

Export of energy carriers - oil and gas - brings more than the third of the incomes of the state, the minister of economy G. Gref has recently directly declared that the high world prices for power resources have provided 5,4 % of the general gain of the growth of the national product, that is three quarters of the annual growth. Budget planning is carried out from year to year taking into account the price for oil.

The Russian oil branch is the key for the Russian economy. It swings so much, how can, and, using an excellent conjuncture of the world raw markets, in process of forces tries to intensify this process. So, in 2010 it has been extracted 494 million tons of oil that is on 2.5 % more than in 2009.

The oil recovery volume in Russia will exceed the results of 500 million tons of the current year and seriously won't change in 2011--2012. Such forecast was announced today to journalists by Minister of Energy Sergey Shmatko.

"We consider that this year extraction will exceed 500 million tons, and I do not think that the volume will essentially change the next years", - has underlined S. Shmatko.

Russia which is not a member of the OPEC, has moved on oil recovery volumes on the first place, and on export volumes on the second place after Saudi Arabia. It is the major supplier of oil abreast the European countries, in particular to Germany. In oil branch of Russia some concerns dominate.

Into a holder of leaders oil the companies of Russia enters: Rosneft, Lukoil, the multinational corporation-BP, follow them to the company Surgutneftegaz and Gazprom Oil.

Approximately half of the investments into the Russian economy are to the oil branch.