Russian authorities anticipate oil reserves running out

The head of Russia's Ministry of Natural Resources, Alexander Kozlov, stated during a government meeting at the State Duma that the country's oil reserves, at the current level of production, would last another 26 years.

"Of the 31 billion tonnes of reserves, 13 billion are profitable. At the current rate of production, they will last for 26 years. A significant portion of these reserves are difficult to exploit, but timely tax incentives have made their extraction economically viable," said Kozlov.

According to RIA Novosti, last year, oil production reached 516.1 million tonnes. The Ministry of Economic Development expects this figure to decrease slightly this year to 500 million tonnes.

According to Gazprom Neft CEO Alexander Dyukov, by 2030, the majority of oil produced in Russia will come from reserves that are difficult to exploit.

(MH with MaSi - Source: RIA Novosti - Photo: © Unsplash)