Please authenticate by going to "My account" → "Administration". Between 1959 and 1991, the Soviet Union delivered 170 million tons of oil, 13 million tons of grain, and 300,000 … February 8, 2021. By launching a historic oil price war, Russia and Saudi Arabia are now engaged in a high-stakes game of chicken to see who blinks first. Saudi Arabia: US$133.6 billion (13.3% of exported crude oil) Russia: $121.4 billion (12.1%) Iraq: $83.3 billion (8.3%) Canada: $68.1 billion (6.8%) United Arab Emirates: $66.1 billion (6.6%) United States: $65.3 billion (6.5%) Kuwait: $42 billion (4.2%) Nigeria: $41 billion (4.1%) Kazakhstan: $33.6 billion (3.3%) Angola: … The following is a history of this came about from Investopedia web site. The U.S. was able assume this role by virtue of it then having the largest gold reserves in the world. It has also escalated efforts to sign currency swap agreements, which enables direct trade between two countries in local currencies, instead of the usual reliance on U.S. dollars. A key reason for its emphasis on de-dollarization is that U.S. sanctions are extra-territorial — they target all companies using the U.S. dollar or operating stateside subsidiaries. In 2015, Gazprom Neft announced that it settled all of its oil exports to China in renminbi. Russia’s oil production rivals its natural gas production. The USA's real … DOWNLOAD Thousand Barrels U.S. Imports from Russia of Crude Oil and Petroleum Products U.S. Imports from Russia of Crude Oil and Petroleum Products 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 0 10,000 20,000 30,000 Source: U.S. Energy Information Administration. "Export Value of Crude Oil from Russia from 2000 to 2020 (in Million U.S. "Unofficially, the EU is keen to support Russia's de-dollarization efforts, as EU officials lament the effects of extra-territorial US sanctions on European companies and want to promote the euro as an international currency," Demarais said. Facebook: number of monthly active users worldwide 2008-2020, Smartphone market share worldwide by vendor 2009-2020, Number of apps available in leading app stores 2020, Research expert covering society topics in Russia, Profit from additional features with an Employee Account. Russia, which is subject to U.S. sanctions, has tried to sell oil in euros and China’s yuan but the proportion of its sales in those currencies is not significant. Other nations would have to start swapping some of their dollars for euros. Russia, which on some measures is the world's Number 1 oil producer at the moment, is awash with petrodollars, but trades mainly with Europe. … Oil is traded in dollars as are most commodities, because the US dollar is the Global Reserve Currency. Athough the oil bourse has missed at least three of its announced opening dates, it serves to make clear Iran’s intentions for the dollar. Dollars). Corporate solution including all features. Most of Russia’s export contracts in the oil and gas markets are still priced in dollars, she noted, and on a wider scale, replacing the dollar with the ruble is much too risky to even consider. Instead, the dollar … ", UN Comtrade & Federal Customs Service of Russia, Export value of crude oil from Russia from 2000 to 2020 (in million U.S. dollars) Statista, https://www.statista.com/statistics/1023747/russia-annual-crude-oil-exports/ (last visited March 14, 2021), Export value of crude oil from Russia from 2000 to 2020, Oil production in barrels per day - top fifteen countries 2019, Global monthly oil demand change, by country 2020, Federal budget's oil and gas revenue in Russia 2005-2020, Urals crude oil price forecast 2018-2036, by scenario, Average mineral extraction tax rate for oil in Russia 2014-2019, Total length of Russian oil pipelines 2000-2019, by type, Oil production in Russia quarterly 2019-2020, Volume of Russian oil production 2010-2019, by region, Oil refinery throughputs of Russia 2005-2019, Production volume of oil products in Russia 2019-2020, by category, Petroleum product domestic supplies in Russia 2012-2019, by type, Petroleum products shipment in Russia 2019, by type and region, Gasoline's share of retail trade turnover in Russia 1992-2019, Crude oil export volume from Russia 2008-2020, Crude oil export value from Russia 2000-2020, Main crude oil export destinations from Russia 2019, by value, Refined petroleum products export value from Russia 2000-2020, Oil gross export volume in Russia 2012-2024, Major oil and gas companies' federal budget contribution in Russia in 2018, Shares fall of Russian companies on Black Monday 2020, OPEC+ deal oil output cut distribution in 2020, by country, Crude oil export duty in Russia monthly 2017-2021, Average oil refining margin forecast in Russia 2020, by scenario, Russia: annual value of crude oil imports 2000-2019, Share of oil and gas production in Russia in 2018, by region, Oil and oil products exports from Russia 2000-2019, Quarterly export delivery value from petroleum processing sector China 2018, U.S. crude oil exports forecast 2016-2040, Export volume of crude petroleum from Malaysia 2012-2019, Quarterly export delivery value growth from petroleum processing sector China 2018, Export value of crude petroleum Malaysia 2013-2019, Russian export duty rates on oil products 2014-2017, Share of crude oil as total exports of goods in Norway 2009-2019, Russian export duty rates on oil products 2018-2020, Export value of crude oil from Norway 2008-2018, Oil rents share of GDP in Russia 2010-2018, Island Offshore's operating income 2012-2016, Sales of kerosene in Hong Kong 2019, by buyer type, Import volume of petroleum products into Morocco 2015-2019, Land drilling statements of KCA Deutag 2016-2018, Export volume of crude oil and petroleum products from Libya 2000-2019, Coronavirus (COVID-19): impact on the energy industry, Export value of crude oil from Russia from 2000 to 2020 (in million U.S. dollars), Find your information in our database containing over 20,000 reports, Tools and Tutorials explained in our Media Centre. The report concluded that Russia's Ministry of Finance may be able to de-dollarize its assets after 2020, once the liquid portion of its National Wealth Fund (NWF) reaches 7% of GDP, allowing "bigger diversification of instruments.". We want to hear from you. As soon as this statistic is updated, you will immediately be notified via e-mail. Are you interested in testing our corporate solutions? Russia’s largest oil company Rosneft has already completed the switch away from the U.S. dollar to euros in its export contracts to minimize risks from … Petrocurrency (or petrodollar) is a word used with three distinct meanings, often confused: . Got a confidential news tip? In a staff working document published in June, and following consultations with public and private market participants, the European Commission concluded that "the euro clearly stands out as the only candidate that has all the necessary attributes of a global currency that market participants could use as an alternative to the U.S. As a Premium user you get access to the detailed source references and background information about this statistic. Russia: Iran is not alone in its desire to establish an alternative to trading oil and other commodities in dollars. The dollar's role as the world's reserve currency was first established in 1944 with the Bretton Woods agreement. Russia has repeatedly faced U.S. and EU sanctions since 2014 for reasons ranging from its annexation of Crimea to the poisoning of an ex-spy in the U.K. as well as online meddling in the 2016 U.S. election. Russia’s oil and natural gas industry is a key component of Russia’s economy, with revenues from oil and natural gas activities—including exports—making up 36% of Russia… Data is a real-time snapshot *Data is delayed at least 15 minutes. Russia accounts for 40% of central bank gold buying and 6% of global demand. Between March and May, Russia's holdings of US Treasury bonds plummeted by $81 … The dollar was pegged at $35 an ounce-- and freely exchangeable into gold at that rate. China, Russia, Japan and several of the most powerful Gulf States are actively plotting to end the decades-old practice of buying and selling oil in dollars, the Independent claimed today. A paid subscription is required for full access. "Export value of crude oil from Russia from 2000 to 2020 (in million U.S. Figures were presented for selected years. Oil and the U.S. Dollar . Several other oil producing countries have also agreed to sell oil in euros-Iran, Libya, Venezuela, Russia, Indonesia, and Malaysia (soon to join this group). China has stated that it will no longer trade for oil using the US dollar. The launch of the petro-yuan now allows Moscow and Beijing to use national currencies instead. That dollar amount reflects a 17.5% increase since 2016 but a -20.7% setback from 2019 to 2020. Directly accessible data for 170 industries from 50 countries However, Demarais said complete de-dollarization remains a "utopia" on account of the reliance of global oil exports using dollar transactions, as well as the volatility of the rouble. Export value of crude oil from Russia from 2000 to 2020 (in million U.S. dollars) [Graph]. Learn more about how Statista can support your business. Chart. Petrocurrency (or petrodollar) is a word used with three distinct meanings, often confused: . A view of the Russian gas giant Gazprom's recently built Adler thermal power plant in the Russian Black Sea resort of Sochi. The value of Russian exports of crude oil amounted to nearly 73.4 billion U.S. dollars in 2020, down from over 121.4 million U.S. dollars recorded in the previous year. "De-dollarization could benefit the euro and yuan above all, and the CBR is also increasing the share of its assets that are held in these two currencies," Demarais told CNBC via email. … In, UN Comtrade, und Federal Customs Service of Russia. In 2006, Russian President Vladmir Putin expressed interest in establishing a Russian stock exchange which would allow "oil, gas, and other goods to be paid for in Roubles." The Commission also highlights the potential to increase the share of euro-denominated transactions in energy commodities, particularly natural gas. Russia has dropped the dollar for payments for its oil exports in 2014. The resulting global interdependencies and … As a result of this agreement, the dollar then became the only medium in which energy exchange could be transacted. This feature is limited to our corporate solutions. A Division of NBCUniversal. As a result, most international transactions, including oil, are priced in dollars. The dollars the USA has printed, the 'cheques' it has written, would start to fly home, stripping away the illusion of value behind them. As countries like China and Russia phase out the usage of U.S. dollars for international trade -- including but not limited to oil trade -- its status as the world's reserve currency will continue to Russia has rapidly sold off the vast majority of its stash of American debt. And Russia is now ready to sell its oil and gas to the West only in exchange for physical gold! New, Figures and insights about the advertising and media world, Industry Outlook Chart Tools. (2021). On the contrary, it affects future production through decreased investment in exploration and development of new fields. Register in seconds and access exclusive features. Russia is rife with oil, and its economy is heavily dependent on the resource. So when companies like Gazprom, Rosneft and Lukoil, Russia's big three exporters, got paid in hard currency, they were able to … As of October 2007, Iran receives non-dollar currencies for 85% of its oil exports, and has plans to move the remaining 15% to currencies like the United Arab Emirates dirham. "Unsurprisingly, Russia has concluded currency swap deals with countries that currently have poor relations with the US, including Iran, Turkey and China," Demarais added. Sakhalin-2 is one of the world’s largest integrated, export-oriented, oil and gas projects and Russia’s first offshore gas project. Please contact us to get started with full access to dossiers, forecasts, studies and international data. Russia looks to ditch US dollar for exchanges in rubles & euro in energy exports The share of the US dollar in the global oil and oil products trade is around 90 percent currently, Sechin said but noted that in ten years’ time, due to the Chinese economy, the yuan could raise its share from the current 2 … In 2013, the ruble was at 33 per US dollar. Facing U.S. legislation that would hobble OPEC, the Saudis are considering selling oil in currencies other than the dollar, Reuters reports. Accessed March 14, 2021. https://www.statista.com/statistics/1023747/russia-annual-crude-oil-exports/. It helped increase the stability of oil prices denominated in U.S. dollars. The petrodollar was the result of the oil crisis in the mid-1970s when prices spiked to record levels. facts. Oil refinery capacity worldwide by leading country 2010-2019, Oil refinery capacity in Russia 1998-2019, Russia - oil production in barrels daily 1998-2019, Global crude oil export value by country 2019. Oil is priced in dollars and euros, of course. "By creating a gold contract settled in renminbi, Russia may now sell oil to China for renminbi, then take whatever excess currency it earns to buy gold in Hong Kong. [O/CHINA1] and over 1 Mio. The U.S. dollar is the dominant currency in oil trading, but Saudi Arabia is reportedly considering selling its crude in other currencies if American lawmakers pass an anti-OPEC bill. You need a Single Account for unlimited access. Below are the 15 countries that exported the highest dollar value worth of crude oil during 2019. Chart context menu. Russia relies heavily on exports of commodities and energy — markets where the dollar is overwhelmingly the currency of choice. Last year, the Central Bank of Russia blamed US sanctions on the ruble hitting a two-year low of 69.40 against the dollar. Vladimir Putin won't kowtow to the "dollar dictatorship" in world oil markets, the Russia president told state-owned Itar-Tass newswire on Friday. Additionally, as Russia represents only 2% of global GDP (gross domestic product) it also means the rouble remains unattractive for some international investors. Thanks to the illicit oil trade, millions of dollars enter the Islamic State of Iraq and the Levant’s coffers on a daily basis. What effect will this have on … This underpinned its reserve currency status through the need for foreign governments to hold dollars; recirculated the dollar costs … UN Comtrade, and Federal Customs Service of Russia. Update, Insights into the world's most important technology markets, Advertising & Media Outlook New, Everything you need to know about the industry development, Find studies from all around the internet. The petrodollar is any U.S. dollar paid to oil-exporting countries in exchange for oil. Crude oil is quoted in U.S. dollars (USD). Exports of crude oil and petroleum products represented nearly 70% of total Russian petroleum liquids production in 2016. Royal Dutch Shell plc, commonly known as Shell, is a British-Dutch multinational oil and gas company headquartered in The Hague, Netherlands and incorporated in the United Kingdom as a public limited company. The Iranian economy is heavily dependent on oil sales – the cuts in production lead to billions of dollars in lost revenue and a plunge in the value of the national currency. Thereafter, Cuba focused almost completely on trade with the Soviet Union and the other socialist countries by the late 1980s. You only have access to basic statistics. You need at least a Single Account to use this feature. Then you will be able to mark statistics as favourites and use personal statistics alerts. One thing that could keep Russia’s dollar reserves at high level is the country’s dependence on exporting commodities, like oil which are denominated in the greenback. In July 2003, China announced that it would switch part of its dollar reserves into the world's emerging "reserve currency" (the euro). This exchange would make it possible to trade oil and gas in non-dollar currencies, the euro in particular. As a Premium user you get access to background information and details about the release of this statistic. Some companies, however, have begun to move away from the greenback. China is the world's biggest crude consumer and buys most of its oil from Russia. Ditching reliance on the dollar is therefore seen as a way for Russia to circumvent sanctions, according to Agathe Demarais, Global Forecasting Director at the Economist Intelligence Unit (EIU). Gold accounts for about 19% of Russia’s foreign-exchange reserves, the highest level since 2000. It generally refers to the phenomenon of major petroleum-exporting nations, mainly the OPEC members plus Russia and Norway, earning more money from the export of crude oil than they could efficiently invest in their own economies.