According to the Society of Petroleum Engineers, Russia owns the eight largest oil fields in the world possessing around 5% of the global proven reserves of oil and gas condensate (80 billion barrels). Currently, Russia accounts for 14% of the global oil production with 11 million barrels per day, which is a record high level for Russia making it one of the leading oil producing countries. The projected average level of oil production by the Russian Ministry of Energy for 2018 is 11.2 million barrels per day, whereas the International Energy Agency forecasts 11.4 mil-lion barrels per day by 2020.