The petroleum industry in Russia is one of the largest in the world. Russia has the largest reserves and is the largest exporter of "natural gas. It has the second largest coal reserves, the "eighth largest oil reserves, and is one of the largest producers of oil. It is the third largest energy user.
Russia produced an average of 10.83 million barrels (1,722,000 m3) of oil per day in December 2015. It produces 12% of the world's oil and has a similar share of global oil exports. In June 2006, Russian crude oil and condensate production reached the post-Soviet maximum of 9.7 million barrels (1,540,000 m3) per day. Exceeding production in 2000 by 3.2 Mbbl/d (510,000 m3/d). Russian exports consist of more than 5 Mbbl/d (790,000 m3/d) of oil and nearly 2 Mbbl/d (320,000 m3/d) of refined products, which go mainly to the European market. The domestic demand in 2005 was 2.6 Mbbl/d (410,000 m3/d) on average. It is also the main transit country for oil from "Kazakhstan.
Russia is by far the world's largest "natural gas exporter. Most, but not all, authorities believe that Russia has the world's largest proven reserves of natural gas. Sources that consider that Russia has by far the largest proven reserves include the US CIA (47.6 trillion cubic meters), the US Energy Information Administration (47.8 tcm), and OPEC (48.7 tcm). However, BP credits Russia with only 31.3 tcm as of 1 January 2014, which would place it in second place, slightly behind Iran (33.1 to 33.8 tcm, depending on the source). In addition to having the world's largest proven reserves of natural gas, according to US Geological Survey estimations, Russia is also likely to have the world's largest volume of still-undiscovered natural gas: a mean probable volume of 6.7 trillion cubic meters. The USGS estimate of Russia's undiscovered oil is 22 billion barrels, second in the world only to those of Iraq.
The Russian oil industry claims to be in need of huge investments. Strong growth in the Russian economy means that local demand for all types of energy sources (oil, gas, nuclear, coal, hydro, electricity) continues to grow.
The biggest Russian oil company is "Rosneft followed by "Lukoil, "Surgutneftegaz, "Gazprom Neft and "Tatneft. All oil trunk pipelines (except "Caspian Pipeline Consortium) are owned and operated by the state-owned monopoly "Transneft and oil products pipeline are owned and operated by its subsidiary "Transnefteproduct.
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