Oil Producing Nation Accounting News

Russia is an energy superpower and the country has vast and rich natural resources. Besides gas and coal reserves (some of the largest in the world), Russia today is ranked as the world’s biggest oil producing nation accounting for well over 12% of the global output. Moreover, the country exports more than 70% of its oil to the world markets. That said, Russia’s output of oil amounts to a third of what collectively the Organization of Petroleum Exporting Countries (OPEC) produces. The country has relied on oil production for decades, however there has been a notable geographical shift.