Novak announced that Russia is provided with oil for 30 years – Economy and business
MOSCOW, November 29. / TASS /. Russia’s oil reserves will last for at least 30 years, and gas reserves for 50 years. This was stated by Russian Deputy Prime Minister Alexander Novak at the Russian-Chinese energy business forum.
“Russia possesses huge reserves of oil and gas. Under the current operating conditions in Russia, the provision of oil reserves is about 30 years, gas reserves – about 50 years.”
According to Novak, despite the energy transition process, Russia is confident in the possibility of selling oil and gas. “We believe that in the coming years these resources will be in demand on the energy markets,” he is allowed.
Novak, which aims to reduce exports to Asia. For example, oil exports to China have grown sixfold over the past 10 years. Gas exports are also increasing, at the end of November 2021 its volume reached 13.4 billion cubic meters. m from the beginning of the year.
According to him, Russia has the ability to increase oil production by 400 thousand rubles. barrels per day per month until May 2022 within OPEC +, the companies have no problems with this.
“I do not see any problems, our companies all confirm that the levels that were before the reduction are ready to go out,” he said.
Earlier, a number of experts predicted doubts about Russia’s ability to increase oil production within the OPEC + quotas.
OPEC ministers + efficiency improvement levels for January at the December 1-2 meeting. Until now, most of the alliance states have spoken out in favor of maintaining the rate of renewal of income at 400 thousand barrels per day in January and even in February. OPEC + expects a seasonal slowdown in winter demand and even an oversupply of oil in the first quarter of 2022 amid new lockdowns due to the coronavirus.