Market Size of Russian Federation Oil and Gas Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Russian Federation Oil & Gas Market Analysis
The Russian Federation oil and gas market is expected to record a CAGR of more than 3% during the forecast period.
The Russian Federation oil and gas market was negatively affected by COVID-19 due to the oil price crash and regional lockdowns. However, the impact of COVID-19 was almost negligible in 2022.
- Over the medium term, factors such as a 40% reduction in offshore drilling costs and an increase in the country's LNG exports are expected to drive the Russian Federation oil and gas market.
- On the other hand, several sanctions imposed on Russia due to the Russia-Ukraine conflict and the exit of international oil companies may restrain the market.
- However, increasing exploration and production activities in the offshore deep and ultra-deepwater areas are expected to create several opportunities for the Russian Federation oil and gas market in the future.
