Key players in the Russian oil market

The Russian oil market belongs to several key monopolist players that determine its development. Nevertheless, there are regional companies engaged in oil production at the local level.

In 2018, 320 companies worked on oil production in Russia, almost half of which were contractors to large oil and gas companies.

Accordingly, almost 90% of oil in Russia is produced by nine well-known corporations:
- Rosneft
- Lukoil
- Gazpromneft
- “TNK-BP”
- Tatneft
- “Surgutneftegas”
- Bashneft
- Slavneft
- Russneft

Among them, Lukoil, which is also included in the list of the largest companies in the world, has the largest market share. The top three are Gazprom and Rosneft. All of them are one of the most profitable Russian companies as a whole and are actively entering foreign markets.

Due to serious competition, small players are absorbed by large companies, although in some cases this is justified. For example, regional enterprises cannot invest in environmental conservation, while large corporations have enough resources for this.