Russian oil industry

Russia's oil industry is a major global player, primarily dominated by large state-controlled companies like Rosneft and Gazprom Neft. It involves exploring and extracting crude oil from vast territories, especially in Siberia, and processing it for export and domestic use. Oil revenues significantly contribute to Russia's economy, funding government budgets and infrastructure. The industry faces challenges such as sanctions, fluctuating global prices, and the need for technological upgrades. Russia is also a key part of the global energy market, primarily exporting oil via pipelines to Europe, Asia, and elsewhere, making it a strategic energy supplier worldwide.