Report indicates Russia has world’s biggest energy reserves

(MENAFN) A new government report reveals that Russia possesses the world’s largest reserves of energy resources, positioning it as a long-term global supplier of traditional fuels. The strategy document, titled Russia’s Energy Strategy through 2050, was recently approved by Prime Minister Mikhail Mishustin and outlines the country’s energy roadmap in response to evolving global dynamics.

According to the report, Russia has over 31 billion tons of confirmed oil reserves—enough to sustain current production levels for more than 65 years. It ranks third in global oil reserves and second in production, contributing about 10% of the global supply. The country also has the potential to maintain oil and condensate output at a minimum of 540 million tons annually, with the flexibility to adjust to international market changes.

In terms of natural gas, Russia leads the world with 63.4 trillion cubic meters in reserves and is the second-largest producer, responsible for 16% of global output. These gas reserves could support production for another 100 years.

Russia’s coal reserves are equally vast, totaling 272.7 billion tons—enough to last over 500 years at current extraction rates. It holds the fifth-largest coal reserves and ranks sixth in production.

The report also highlights Russia’s strength in uranium, with 705,000 tons, making it the fourth-largest holder globally and accounting for 5% of global production. These reserves underpin the stability of the nation’s nuclear power sector.

Additionally, the report points to growing demand for critical minerals like lithium, nickel, rare earth elements, and aluminum, offering new opportunities to develop the country's mineral resources further.

Strategic plans include accelerating infrastructure projects and enhancing export routes for oil, gas, and refined products—particularly toward new "friendly" markets. This includes expanding Arctic and Far Eastern port capabilities along the Northern Sea Route.

The document also assessed potential global transitions to renewable energy by 2050, concluding that such a shift would be challenging without a significant decline in global energy demand and a tripling of investment in renewables, which would heavily impact economies and consumers.

Ultimately, the report underscores that fossil fuels are expected to remain central to the global energy mix through at least mid-century, with liquefied natural gas (LNG) playing a growing role in international trade due to its flexible delivery options.

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