There are several different estimates of proven oil reserves in Russia. Most estimates include only Western Siberian reserves, which have been exploited since the 1970s and supplying two-thirds of Russian oil. Figures do not include potentially huge reserves elsewhere. In 2005, the Russian Ministry of Natural Resources estimated that another 4.7 billion barrels (0.75×109 m3) of oil exist in Eastern Siberia.
Following the collapse of the former Soviet Union, Russia’s petroleum output fell sharply, and has rebounded only in the last several years. Russia reached a peak of 12.5 million barrels per day (1.99×106 m3/d) in total liquids in 1988, and production had fallen to around 6 million barrels per day (950×103 m3/d) by the mid-1990s. A turnaround in Russian oil output began in 1999, which many analysts attribute to the privatization of the industry. Higher world oil prices, the use of Japanese technology, and the rejuvenation of old oil fields also helped. By 2007 Russian production had recovered to 9.8 million barrels per day (1.56×106 m3/d), but was growing at a slower rate than 2002-2004. In 2008, production fell 1 percent in the first quarter and Lukoil vice president Leonid Fedun said $1 trillion would have to be spent on developing new reserves if current production levels were to be maintained. The editor-in-chief of the Russian Petroleum Investor claims that Russian production had reached a secondary peak in 2007.
In 2007, Russia produced roughly 9.8 million barrels per day (1.56×106 m3/d) of liquids, consumed roughly 2.8 million barrels per day (450×103 m3/d) in liquids, and exported (in net) around 7 million barrels per day (1.1×106 m3/d). Over 70 percent of Russian oil production was exported, while the remaining 30 percent was refined locally. In early 2008 Russian officials were reported to be concerned because, after rising just 2% during 2007, oil production started to decline again in 2008. The Russian government proposed tax cuts on oil in an attempt to stimulate production.
By 2011, Russian oil production had increased to 10,540,000 bbl/day. It is the largest producer and exporter of oil in the world.
| 109 bbl | 1012 m3 | |
|---|---|---|
| Oil & Gas Journal | 60 | 9.5 |
| John Grace* | 68 | 10.8 |
| World Oil | 69 | 11.0 |
| British Petroleum | 72 | 11.4 |
| 10 largest Russian Oil Companies | 82 | 13.0 |
| E Khartukov (Russian Oil Expert) | 110 | 17 |
| United States Geological Survey | 116 | 18.4 |
| Ray Leonard (MOL) | 119 | 18.9 |
| Wood Mackenzie | 120 | 19 |
| IHS Energy | 120 | 19 |
| Mikhail Khodorkovsky | 150 | 24 |
| Brunswick UBS (consultants) | 180 | 29 |
| DeGolyer and MacNaughton (audit) (proven SPE?) | 150–200 | 24–32 |
Famous quotes containing the words oil, reserves and/or russia:
“Oh Gull of my childhood,
cry over my window over and over, take me back,
oh harbors of oil and cunners, teach me to laugh
and cry again that way that was the good bargain
of youth....”
—Anne Sexton (1928–1974)
“While you are nurturing your newborn, you need someone to nurture you, whether it is with healthful drinks while you’re nursing, or with words of recognition and encouragement as you talk about your feelings. In this state of continual giving to your infant—whether it is nourishment or care or love—you are easily drained, and you need to be replenished from sources outside yourself so that you will have reserves to draw from.”
—Sally Placksin (20th century)
“... from Russia I didn’t bring out a single happy memory, only sad, tragic ones. The nightmare of pogroms, the brutality of Cossacks charging young Socialists, fear, shrieks of terror ...”
—Golda Meir (1898–1978)