Russia and holds ~80.0 billion barrels of proven reserves (#8 worldwide). Russia is the largest producer outside OPEC and the "+" that makes OPEC+ matter — and since 2022, the biggest experiment ever run in sanctioning a major oil exporter.
| Measure | Value | As of / source |
|---|---|---|
| Proven reserves (#8 worldwide) | 80.0 Bn bbl | 2023 · EIA estimate |
| Main export grade | Urals (medium sour), plus ESPO to Asia | see global benchmarks |
| Post-2022 buyers | Mostly China and India, at discounts to Brent | trade data |
| G7 price cap | $60/bbl on seaborne crude using Western services (since Dec 2022) | G7/EU |
| OPEC+ role | Co-leads the alliance with Saudi Arabia |
Rankings and comparisons: world production & consumption · reserves by country · biggest oil companies.
Russia holds roughly 80.0 billion barrels of proven crude reserves (EIA estimate, 2023), the #8 largest in the world. Proven reserves shift with prices and technology — see the caveats on the oil-reserves page.
Primarily India and China, which together take the bulk of seaborne Russian crude at discounted prices, plus Turkey and a few others. Europe still imports some Russian oil legally by pipeline (the Druzhba southern branch) and as refined products laundered through third countries.
Less than expected. Output dipped in 2022, then largely recovered as trade rerouted; the price cap cut revenue-per-barrel more than volume. The deeper effect is long-term: Western technology and capital exits make it harder to sustain aging fields and develop Arctic projects.