Oil reserves in Russia

There are several different estimates of proven oil reserves in Russia. Most estimates include only Western Siberian reserves, exploited since the 1970s and supplying two-thirds of Russian oil, and not potentially huge reserves elsewhere. In 2005, the Russian Ministry of Natural Resources estimated that another 4.7 billion barrels (0.75×10^⁹ 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 (1.99×10^⁶ m³/d) in total liquids in 1988, and production had fallen to around 6 million barrels per day (950 thousand cubic metres per day) 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 million cubic metres per day), 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 million cubic metres per day) of liquids, consumed roughly 2.8 million barrels per day (450 thousand cubic metres per day) in liquids, and exported (in net) around 7 million barrels per day (1.1 million cubic metres per day). 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.

Estimates of Russian oil reserves

	109 bbl	109 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 Khordorkovsky	150	24
Brunswick UBS (consultants)	180	29
DeGolyer & MacNaughton (audit) (proven SPE?)	150–200	24–32

Arctic

Russian waters in the arctic contain 100,000,000,000 tons of oil and gas.