Problems and Prospects for the Development of the Oil Industry in the Russian Federation

Abstract

The article gives the assessment results of the reserves of natural resources, such as oil, gas, coal, diamonds and others in Russia, in physical and monetary terms. A study of the oil industry has been carried out, which includes the production, transportation and subsequent marketing of oil and petroleum products in the domestic and foreign markets of the Russian Federation. The strategic importance and significance of this industry for the Russian economy and the state as a whole is determined. The current problems of the oil industry, such as technology, manufacturing, geographic, criminal, political, low value added and resource recovery, were identified and described. The article also presents trends and prospects for the development of the oil industry of the Russian Federation in the medium- and long-term periods.