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Crude oil
In January 2022, Russia produced 11.3 thousand barrels per day (mb/d) of crude oil and condensate, of which 10mb/d was crude oil. This makes Russia the world’s third largest producer of oil, surpassed only by the United States and Saudi Arabia (in the same period, they produced 17.6 mb/d and 12 mb/d, respectively). However, Russia is the largest exporter of oil products to global markets and the second largest exporter of crude, after Saudi Arabia. Russia exported 7.8 mb/d in December 2021, including 5mb/d of crude. Within the initial two weeks of the invasion, prices in global oil markets had surged by US$8 per barrel, pushing prices for Brent oil above $100 a barrel for the first time since 2014. On 27 February, BP, one of the world's seven largest oil and gas companies and the single largest foreign investor in Russia, announced it was divesting its 19.75% stake in Rosneft. The Rosneft interest comprises about half of BP's oil and gas reserves and a third of its production. The divestment may cost the company up to $25 billion and analysts noted that it was unlikely that BP would be able to recover a fraction of this cost. The same day, the Government Pension Fund of Norway, the world's largest sovereign wealth fund, announced that it would freeze investment in Russia and divest its Russian assets. Before the invasion, the fund owned about 25 billion Norwegian krone ($2.83 billion) in Russian company shares and government bonds.

On 28 February, as a result of the invasion, the Government of Canada announced a ban on Russian crude oil imports to Canada; according to the Government of Canada it was not importing crude oil from Russia at the time when the ban was announced.

On 2 March the stocks of Gazprom, Rosneft and Lukoil which have secondary listings in London had lost respectively 99.2%, 88.1% and 99.6% of their value year-to-date. In September 2021 Lukoil and Rosneft had a combined market capitalization of $140 billion, by 2 March their combined market cap stood at just $9.3 billion, erasing $130 billion in value. Due to low demand for Russian crude, the benchmark Russian Crude Oil Urals oil was trading at a $18 discount to Brent and still struggling to find purchasers as oil traders feared sanctions.

Prior to the imposition of sanctions, about 60 percent of Russia’s oil exports went to European OECD member countries. As of November 2021, Russia accounted for 34 percent of European oil imports. It was estimated by the consultancy Energy Aspects that up to 70% of Russian Crude was "struggling to find buyers" as its normal export market of Europe sought crude instead from the Middle East. While sanctions and the toxicity of being seen to do business in Russia were major risk factors, another was the difficulty of the wartime situation in the Black Sea. This led to major shipping companies requiring war insurance for tankers picking up from Novorossiysk, Russia's primary oil export terminal. The difficulties of insurance also affected Kazakh crude which uses Novorossiysk for its Tengiz field.

As of November 2021, Russian oil accounted for 17 percent of total imports in OECD Americas (625 kb/d). On 8 March US President Joe Biden announced a ban on oil from Russia, telling reporters, "We're banning all imports of Russian oil and gas energy. That means Russian oil will no longer be acceptable in US ports and the American people will deal another powerful blow to Putin's war machine." Germany's Minister for Economic Affairs Robert Habeck cautioned, "If we do not obtain more gas next winter and if deliveries from Russia were to be cut then we would not have enough gas to heat all our houses and keep all our industry going."

About 20 percent of Russia’s oil exports went to China, Russia’s largest single buyer as of November 2021. That year, China purchased an average of 1.6 million barrels of Russian crude oil per day. Five percent of the total oil imports of the OECD Asia Oceania region came from Russia (440 kb/d). Russia has also historically been a significant exporter of crude to former Soviet and Eastern bloc countries, including Ukraine, Belarus, Romania and Bulgaria.