The state of the Russian oil market and its short-term prospects

Russian companies are one of the leaders in the oil production market. The amount of oil produced in Russia is growing. At the same time, Venezuela, the leader in oil reserves, significantly reduced its influence on the world market. Already in 2017, world oil production fell by 0.4 million barrels per day, and now these figures are even lower.

As a result, the demand for Russian oil is growing steadily. The oil price in September 2018 rose to $ 82, and, according to forecasts, it will only increase.

The need for Russian oil contributes to revenue growth. So, Russia earned on oil export in 2017 by 30% percent more than in 2016.

Russian companies are actively supplying oil to the Asia-Pacific region. Here, Russian oil exports grew by 9.5% per year. One of its main consumers is China, with which Russia establishes long-term and promising cooperation.