Russia oil reserves to last until at least 2080

Russia's oil reserves will reach 2080 at the current rate of annual production, the Minister of Natural Resources, Alexander Kozlov, said this week in an interview with Russian news agency RBC. Russia also has natural gas reserves for another 103 years of annual production at current production levels, the minister said. Russia's actual oil and gas reserves could even increase if it pushes exploration in hard-to-reach areas, the minister added, noting that Russia needs to expand exploration even in hard-to-reach areas. Last month Evgeny Kiselev, the head of Russia's Federal Agency for Natural Resources, told the state news agency Rossiyskaya Gazeta that Russia has 58 years of oil reserves, 19 of which are enough to make those reserves profitable at current levels with current technology to promote. However, advances in technology will keep pushing this deadline back. When asked how long Russia would have oil reserves, Kiselev said "for an indefinite period". Oil and gas export revenues are key to Russia's budget revenues. Oil price collapses like last year lead to austerity, although Moscow insists it can live on $ 30 oil. Russia's production fell last year and will grow slightly this year and next, according to government data and estimates. After Russia hit a post-Soviet peak in oil and condensate production in 2019, production fell 8.6 percent in 2020 due to lower global demand and low oil prices, as well as OPEC + production cuts. Russia's crude oil and condensate production fell in 2020 for the first time since the 2008 financial crisis and the subsequent plunge in oil prices, according to government statistics. Last month, Russia lowered its estimates for domestic crude oil, gas and coal production for 2021 and 2022, but kept oil production estimates for 2023 and 2024 unchanged. According to the latest forecasts by the Russian government, oil production will be 517 million tons this year, up from a previous estimate of 560 million tons. The projection for Russia's oil production in 2022 has also been reduced, to 548 million tons, from previous estimates of production of 558 million tons.