Russia is a major producer and exporter of oil and natural gas. Russia’s economic growth is driven by energy exports, given its high oil and natural gas production. Oil and natural gas revenues accounted for 43% of Russia’s federal budget revenues in 2015. 1 Russia was the world’s largest producer of crude oil including lease condensate and the third-largest producer of petroleum and other liquids (after Saudi Arabia and the United States) in 2015, with average liquids production of 11.0 million barrels per day (b/d). Russia was the second-largest producer of dry natural gas in 2015 (second to the United States), producing 22.4 trillion cubic feet (Tcf), according to Russian Energy Ministry data. 2 Russia and Europe are interdependent in terms of energy. Europe is dependent on Russia as a source of supply for both oil and natural gas, with almost 30% of European Union crude imports and more […]