According to the Ministry of Mining and Heavy Industries, gross output of the industry has reached to MNT 2 trillion in two months of 2018; increased by MNT 255 billion from same time in previous year.

The Ministry plans to explore a total of 8.1 million of barrel crude oil in 2018 and generate MNT 223.4 billion in budget revenue. As of 9 March, the Ministry explored 1.31 million of crude oil. Mongolia still does not have any refining capacity – its first refinery is under construction; as a result the country is dependent on Russia for fuel imports. A fairly serious situation has developed: the Mineral Resources and Petroleum Authority has reported that the country has petrol and diesel reserves for 44 days. Russia’s Rosneft has agreed to discount fuel supply to Mongolia from June.