The paper focuses on the evolution of the European Union relationship with Russia in the context of the 2004/2007 enlargements, after which, the former became the largest neighbour of the EU. Considered as strategic partners, the European Union and Russia are currently interacting on a huge agenda of common interests and concerns, among which oil and other petroleum related products represent a significant issue. The analysis covers the peculiarities of previous and current economic and political developments of both sides influencing their relationship, mostly from the point of view of the oil industry. Of particular relevance to the issue is considered to be the percentage of the imports and exports of crude oil between the European Union and Russia. The paper analyzes the situation from a strategic perspective, with a focus on latest developments on the global oil market caused by the supplies of the US and OPEC.