When Will Russia Run Out Of Oil?
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Most of the profitable reserves are difficult to recover.
Of Russia's 31 billion tons of proven oil reserves, only 13 billion are profitable. At the current production level, which is 516 million tons per year, these reserves are enough for about 26 years, writes New Voice.
Russian Oil and Gas Information Agency citing the head of the Russian Ministry of Natural Resources and Ecology Alexander Kozlov.
At the same time, most of the profitable reserves are hard to extract, but thanks to timely tax incentives, their extraction has become economically profitable, the Russian minister said.
"Russia now has 31 billion tons of oil reserves and 95 billion tons of oil resources," he said. - "Their difference is that the resources must still be prepared through geological exploration - both by the state and by companies - and only then translated into reserves."
According to a forecast by the Russian Ministry of Economic Development, oil production with condensate in Russia will decline by 0.02% to 516 million tons in 2025. In 2026 it will grow to 525.2 million, in 2027 - to 532.6 million, and in 2028 - to 540 million tons.
As reported, Russian federal budget revenues from oil and gas in April 2025 compared to April 2024 decreased by 12%, from 1.23 trillion rubles to 1.09 trillion rubles.
Russian oil prices in rubles have fallen to a two-year low below the 4,000-ruble-a-barrel mark and 40 percent lower than planned in the federal budget. That is adding pressure on the Kremlin, which is already suffering from a growing budget deficit.
According to Reuters calculations, the average price of Russia's Urals and ESPO crude blend fell to $48.92 a barrel, or 3,987 rubles, on May 2, more than 40 percent below the 6,726 rubles the government had originally planned for this year.
This is the lowest since May 2023, according to Reuters.
The Russian Federation has lowered its forecast for oil and gas export revenues for 2025-2027, the main source of funding for the state budget, due to lower oil prices.
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