Deputy PM Says Russia’s Recoverable Oil Reserves Could Last Six Decades

(MENAFN) Russia is estimated to hold 31 billion tons of recoverable oil reserves, including both proven deposits and volumes not yet ready for production—enough to sustain the current output for more than 60 years, according to Deputy Prime Minister Aleksandr Novak.

Novak shared this assessment on Friday during a working visit to the Sirius Federal Territory, where he addressed students about the oil industry, global market trends, and Russia’s position in the sector.

“Today, our country ranks fourth in terms of recoverable oil reserves after Saudi Arabia, Iran, and Iraq. In terms of recoverable, profitable oil reserves, we have enough for 62 years at the current production rate,” he stated. He clarified, however, that this does not imply Russia will run out of oil in six decades, emphasizing that additional reserves are added annually through exploration and drilling.

Russian estimates show that only Iraq (19.6 billion tons), Iran (21.7 billion), and Saudi Arabia (40.9 billion) hold larger reserves. Worldwide, commercial oil reserves total roughly 176.7 billion tons.

“The main goal is to ensure that our country has sufficient oil reserves for 30 to 50 years. Maintaining this balance is crucial. Therefore [we] are constantly drilling and searching for more oil,” Novak added.

He highlighted that oil represents about 30% of the global energy mix and forecasted sustained demand in the near term, driven by transportation and petrochemical sectors. Novak also noted that Russia’s oil industry remains stable despite Western sanctions, contributing approximately 10% of global crude output.

Russia currently operates around 3,500 oil fields, including sites on Sakhalin, the Arctic shelf, and in Eastern Siberia. Recently, a major Russian energy company announced the discovery of a new oil field on the Yamal Peninsula—the Kontorovich deposit—with estimated geological reserves of 55 million tons, marking the largest find in the region in three decades.

MENAFN01032026000045017640ID1110804810