Russia collaborating closely with OPEC+, taking responsible approach to maintaining global energy security - PM Mishustin

MOSCOW. April 1 (Interfax) - Russia is collaborating closely with its OPEC+ partners and is taking a responsible approach to maintaining global energy security, Prime Minister Mikhail Mishustin said during a strategic session on developing the oil and coal industry up to 2050.

"Russia accounts for around 10% of the global oil market. We are collaborating closely with our OPEC+ partners and are taking a responsible approach to maintaining global energy security," Mishustin said.

Mishustin said that the oil sector accounts for around 20% of the country's GDP.

"The amount of annual investments exceeds 5 trillion rubles, which also contributes to the development of related areas. Prices for the advanced refining of crude and petrochemicals have been substantially lower in Russia than in most other countries for many years. It is important to maintain this situation under constant control," he said.

"There is serious work ahead with hard-to-recover oil reserves. Developing fields in new regions will also expand," Mishustin said.

Russian government data indicate that the share of hard-to-recover reserves in oil production was around 32% at the beginning of 2025, with 2% being offshore production. The share of hard-to-recover reserves could increase to 70% by 2050 as traditional deposits are depleted. New technologies are utilized to render developing these deposits profitable, specifically hydraulic fracturing.

Russia established a domestically produced hydraulic fracturing fleet in 2024.