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Despite increases in oil and natural gas exports, the Soviet Union's primary hard-currency earners, the country was receiving less revenue from its exports to the West. The Soviet Union sold most of its oil and natural gas exports for United States dollars but bought most of its hard currency imports from Western Europe.
Energy resources remained the backbone of the Soviet economy in the 1970s, as seen during the 1973 oil crisis, which put a premium on Soviet energy resources. High prices for energy resources in the aftermath of the 1973 oil crisis led the Soviet authorities to engage more actively in foreign trade with first-world countries, particularly ...
Even so, the Soviet Union had the second largest economy in the world from the end of World War II until the mid-1980s. A major strength of the Soviet economy was its enormous supply of oil and gas, which became much more valuable as exports after the world price of oil skyrocketed in the 1970s.
In 2009, Russia produced 12% of the world's oil and had a similar share of global oil exports. [4] Russia produced an average of 10.83 million barrels (1,722,000 m 3) of oil per day in December 2015. [5] In June 2006, Russian crude oil and condensate production reached the post-Soviet maximum of 9.7 million barrels (1,540,000 m 3) per day.
In contrast, when a country exports more oil than it imports, it is known as an oil export surplus. The second table in this page shows which countries have the largest oil export surplus in US dollar terms. Russia was the world leader in 2022 for this category.
Any hit to oil income impacts the economy directly, with oil revenue of $192 billion in 2024, according to the International Energy Agency. Russia's federal revenue in 2024 totalled $383 billion ...
Currently, over 60% of Russia's seaborne oil exports go to India, the world's third-largest oil importer and consumer. Russia's total oil exports exceed 5 million barrels per day, or around 5% of ...
In early October, German officials proposed a deal that would have increased Soviet raw material exports (oil, iron ore, rubber, tin, etc.) to Germany by over 400%, [119] while the Soviets requested massive quantities of German weapons and technology, [120] including the delivery of German naval cruisers Lützow, Seydlitz and Prinz Eugen. [121]