Comparative analysis of oil production in Russia and abroad

The modern oil complex of the Russian Federation makes a significant contribution to the formation of a positive trade balance and tax revenues to budgets of all levels. This resource makes up more than 16 % of Russian GDP, a quarter of tax and customs revenues to budgets of all levels, and more than a third of the incoming foreign exchange revenue. The article presents the analysis of Russian companies which currentlyproduce much less oil than west companies, except “Lukoil” company. The main reasons for the decline in production are considered to be the lack of financial resources for investment, the underdevelopment of the Russian export infrastructure, and low domestic demand for the products of the industry. At the same time, lower rates of developing existing reserves in Russia in comparison with the west can provide a much longer duration of their operation. One of the priorities for Russian companies is the availability of large oil reserves. At the same time, this advantage is largely lost due to high taxes and low prices for final products. The main disadvantages of Russian companies are considered to be a high degree of financial vulnerabilityand low efficiency of production activities in comparison with the leading companies of the west. However, the Russian Federation remains an undisputed world leader in oil production and export. The analytical review characterizes the Russian oil complex as a sector of fuel and energy potential and the contribution of oil production to the country’s economic development, the existing resource potential of both oil fields and their number, and recently discovered oil fields. The paper estimates the cost of oil from leading oil producers and the technological capabilities of extracting oil from hard-to-reach fields and describes the resource potential of OPEC countries, Russia, and the United States. The resulting analytical conclusion is the given options for improving the innovative sphere of Russia to increase the efficiency of oil production and development of hard-to-reach oil fields.