The regional totals do not include intra-regional trade and therefore reflect total imports entering the region and not trade between countries of the region. OECD oil imports, total and from Russia, November 2021 Russia is also a significant supplier of crude to Belarus, Romania and Bulgaria, and of products to most of the FSU countries, including Ukraine. China is the largest single buyer of Russian oil, taking 1.6 mb/d of crude on average in 2021, equally divided between pipeline and seaborne routes. Most immediately at risk are the ~250 kb/d of Russian oil transiting Ukraine via the southern branch of the Druzhba pipeline to supply Hungary, Slovakia and the Czech Republic. Roughly 750 kb/d of crude oil is delivered to Europe via the Druzhba pipeline system.OECD Asia Oceania imported 440 kb/d of total oil from Russia in November (5% of total imports), while the OECD Americas imported 625 kb/d (17% of total imports). In November, the latest month for which official monthly oil statistics are available, OECD Europe imported a total of 4.5 mb/d of oil from Russia (34% of its total imports), of which 3.1 mb/d was crude oil and feedstocks and 1.3 mb/d oil products. About 60% of Russia’s oil exports go to OECD Europe, and another 20% go to China. The United States is by far the world’s biggest producer of oil, having produced around 16.6 million barrels of oil on average per day in 2021.This page provides the latest reported value for - United States. Crude Oil Production in the United States averaged 7698.48 BBL/D/1K from 1950 until 2023, reaching an all time high of 12860.00 BBL/D/1K in November of 2019 and a record low of 3974.00 BBL/D/1K in September of 2008. Russia plays an outsized role in global oil markets Crude Oil Production in the United States increased to 12844 BBL/D/1K in June from 12662 BBL/D/1K in May of 2023. Gasoline, LPG, jet fuel and petroleum coke made up the remaining 350 kb/d. Oil product exports totalled 2.85 mb/d, of which 1.1 mb/d of gasoil, 650 kb/d of fuel oil and 500 kb/d of naphtha and 280 kb/d of vacuum gas oil (VGO). In December 2021, it exported 7.8 mb/d, of which crude and condensate accounted for 5 mb/d, or 64%. Russia is the world’s largest exporter of oil to global markets and the second largest crude oil exporter behind Saudi Arabia.By comparison, US total oil production was 17.6 mb/d while Saudi Arabia produced 12 mb/d. In January 2022, Russia’s total oil production was 11.3 mb/d, of which 10 mb/d was crude oil, 960 kb/d condensates and 340 kb/d NGLs. Despite its world-leading oil production. Russia is the world’s third largest oil producer behind the United States and Saudi Arabia. 'Oil reserves' is an estimate of the amount of not-yet-mined crude oil located in a particular country that can be recovered with current technology and at a cost that is financially feasible in relation to the current price of oil.It is currently unclear what the impact of sanctions will be on energy flows and how long any potential supply losses will last. Prices nevertheless surged by USD 8/bbl to USD 105/bbl following the news, on expectations that sanctions against Russia would cripple energy exports. An invasion into the Ukraine by Russian troops on 24 February 2022 has as of yet not resulted in a loss of oil supply to the market.
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