Russian Deputy PM Says Oil Reserves Sufficient for Six Decades
Speaking on Friday during a visit to the Sirius Federal Territory, Novak addressed students about developments in the energy sector, international market dynamics, and Russia’s position within the global oil industry. He explained that the country’s reserve base includes both confirmed deposits and additional resources not yet fully prepared for commercial output.
“Today, our country ranks fourth in terms of recoverable oil reserves after Saudi Arabia, Iran, and Iraq. In terms of recoverable, profitable oil reserves, we have enough for 62 years at the current production rate,” he stated.
Novak clarified that this projection should not be interpreted as a hard deadline for depletion. He emphasized that ongoing geological surveys and drilling operations continue to expand the reserve base each year, effectively replenishing available resources.
Based on Russian assessments, only three countries—Iraq with 19.6 billion tons, Iran with 21.7 billion tons, and Saudi Arabia with 40.9 billion tons—are believed to hold larger volumes. Worldwide, commercially viable oil reserves are estimated at approximately 176.7 billion tons.
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