Russia is world's largest producer of crude oil and lease condensate

Russia is the world's largest producer of crude oil (including lease condensate) and the second-largest producer of dry natural gas, after the United States. Hydrocarbons play a large role in the Russian economy, as revenue from oil and natural gas production and exports accounts for more than half of Russia's federal budget revenue. However, recent international sanctions on Russia, coupled with low oil prices, have put pressure on the Russian economy. More »