Discover the top Russian oil companies by oil production volume and their domestic and international business operations.

The country’s oil industry has undergone major shifts and two waves of nationalization since its first well started pumping in 1914.

Environmental experts are warning that the U.S. push to revamp and boost Venezuela’s vast oil reserves could worsen decades of ecological damage and increase planet-warming pollution in a country already struggling with the legacy of a long-declining petroleum industry.

Oil prices rose on Friday on concerns about potential disruption to Iran's output and uncertainty about supply from Venezuela.

U.S. oil prices on Friday settled at their highest level since early December, up by more than 3% for the week. Analysts cited threats to Iran’s oil production as the biggest reason for the rise, even as traders continue to closely watch developments in Venezuela.

The United States seized another oil tanker overnight in the Caribbean Sea, the fifth vessel taken in recent weeks as the Trump Administration intensifies a sweeping effort to choke off Venezuela’s oil exports and assert control over a maritime trade it says is riddled with sanctions evaders.

Leaders from more than a dozen oil companies with major operations in Houston – including Exxon, Chevron, ConocoPhillips - gathered at the White House.

The global oil market is likely to be under pressure in 2026 as growing supply and weak demand curb prices, and traders monitor OPEC+ for policy signals and any attempts to bolster the market, a Reuters poll showed on Monday.