• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 1 day Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 26 mins Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 12 hours CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 18 hours NordStream2
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 hours Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 5 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 5 days Modest drop in oil price: SPRs vs US crude inventory build
  • 22 hours "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 5 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 5 days 2019 - Attack on Saudi Oil Facilities.
The Real Reason Why OPEC+ Won’t Open The Taps

The Real Reason Why OPEC+ Won’t Open The Taps

While the Biden Administration has…

Breakeven Price For New Oil Projects Drops In 2021

Breakeven Price For New Oil Projects Drops In 2021

Rystad Energy’s annual cost of…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Russia’s Oil Reserves Now Worth $1.2 Trillion 

The total value of Russia's oil reserves is estimated at $1.2 trillion, nearly doubling the valuation over the course of a single year, Moscow's Ministry of Natural Resources and Environment reported Friday. 

According to the ministry’s data, the market value of the oil reserves increased by 88 percent over the past year, largely due to newly discovered reserves as well as the higher valuations for the existing reserve supply. Russia's oil reserves valuation increased by $385 billion to $1.07 trillion. 

Regarding newly discovered oil reserves in volume terms, the increase was not so impressive. An increase of 8.7 percent was recorded, from 9.04 billion to 9.83 billion tons, according to RBC. It caused a 73% year-on-year surge in monetary value. The value of oil reserves reached some 71.7 percent of Russia’s GDP in 2018.

Oil accounted for 72 percent of Russia's gross domestic product last year. The oil production cost remains about $15.5 per barrel, in line with previous estimates of $8-20 per barrel. 

The value of gas reserves increased by about a quarter, from $177 billion to $221 billion. In volume terms, it increased by 3.6 percent, to 15 trillion cubic meters. The value of Russia’s iron ore was estimated at $18 billion, gold was valued at $9.6 billion, and diamonds were estimated to be worth $8.5 billion. Copper and coal reserves in value terms have slightly decreased since 2017.

The ministry used its own methodology where an assessment did not account for all reserves, but only those which are commercially retractable. However, these estimates were criticised by the experts surveyed by RBC. Their criticism was related to the pricing methodology for its treatment of tax as it based its calculations on the sales price and not the netback.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on September 22 2019 said:
    Actually Russia’s proven oil reserves are currently worth $6.69 trillion based on a current oil price of $63 a barrel and proven reserves of 106.2 billion barrels (bb) according to the 2019 BP Statistical Review of World Energy. This is 59% bigger than Russia’s GDP of $4.213 trillion in 2018 based on purchasing power parity (PPP).

    However, this valuation is a movable one. It varies from time to time according to oil price movement. Were oil prices to surge to $100 a barrel, the valuation of Russian reserves immediately goes up to $10.62 trillion. Vice versa, were prices to drop to $50, the valuation declines to $5.31 trillion.

    Annual contribution of Russia’s oil exports to GDP amounted to $180 bn or 4.3% in 2018.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News