Global oil production compound annual growth rate by region 2016-2021

Between 2016 and 2021, Europe and Russia’s oil production is anticipated to have a compound annual growth rate of 20.4 percent, the highest of any region in the world.

The Russian oil industry

The oil industry in Russia is one of the largest in the world. In Russia, most of their oil comes from their Siberian region. Beginning at the end of the 19th century, Russia entered the global oil industry, breaking Standard Oil’s monopoly as a result. After the fall of the Soviet Union, 80 percent of Russia’s hard currency exports were from oil and natural gas. Aside from Russia, Norway is also a notable oil producing nation in Europe.

European oil production

Oil production in Russia has been steadily increasing since 1998. Their production consists of crude oil, shale oil, oil sands, and natural gas liquids. Elsewhere in the European Union, however, oil production has significantly decreased since 2000. Europe is nevertheless home to several of the world’s largest and well-known oil companies, including Royal Dutch Shell and BP.