The article describes the main features of Russia’s position in the traditional and promising oil markets of Europe and China in the context of the importance of oil and gas income in the country’s economy in the formation of the Federal budget of the Russian Federation. The resource base of the eastern direction of oil transportation “Polar region - Eastern Siberia - Pacific Ocean” is evaluated and the geo-economic feasibility of increasing oil supplies to China is justified. At the same time, the developed resource base the West Siberian oil and gas province will not be enough to ensure growing supplies in the east while maintaining the level of oil exports to Europe. Therefore, the task is to develop oil energy resources in the Arctic.