Below is a Forbes article on Russia’s Oil Reserves
Russia’s Oil Production Won’t Falter
Not sure I am sold on their argument:
- Russia’s proven oil reserves have gone from 50 billion barrels in 2000, to 60 billion in 2008 to 80 billion now.
- Since 2000 they have pumped 56 billion barrels of oil (that is a staggering figure)!
- They are pumping around 11 million barrels a day (4 billion a year)
- Internal consumption is 3.5 million barrels a day (1.3 billion a year)
A little back of the envelope calculation says they have 20 years of oil left (based upon proven reserves). Of course, the point of the article is that proven reserves have expanded…but…the point not made is that they cannot expand forever. It is still a finite resource. Dinosaurs are not dying fast enough to replace current usage.
Russia is struggling to cover its bills with oil at $50 a barrel. One wonders how it would do in 20 years if they ran out of oil.
Russia Today tends to be as much of a propaganda organ as it is a news service. The original Russia Today article states: “Russia will run out of oil by 2044, according to the Ministry of Natural Resources and Environment, with production beginning to decline in 2020.”
https://www.rt.com/business/335967-russia-oil-reserves-depletion-2044/
Anyhow, this is not my area of expertise, so would certainly appreciate some feedback as to the long-term problems Russia is facing here. At this point, I am finding myself having more faith in the Russia Today article than the Forbes article (which is really kind of sad).
“A little back of the envelope calculation says they have 20 years of oil left”
Kashagan offshore oil fields. I am sure they are going to find a way to get their hands on them (maybe some sort of “Intervention”).