Russia oil reserves doubled, now worth $1.2 trillionChristian Fernsby ▼ | September 21, 2019
Russia's oil reserves have nearly doubled in valuation since last year and now total $1.2 trillion, Moscow's Ministry of Natural Resources and Environment reported Friday.
Russia In volume terms, oil reserves grew to $385 billion
Topics: Russia oil trillion
The production cost per barrel remains about $15.50. Oil accounted for 72 percent of Russia's gross domestic product in 2018.
The ministry said the value of Russia's natural gas reserves jumped $44 billion, to $221 billion, after an increase of 3.6 percent, or 15 trillion cubic meters.
The estimates for oil and natural gas only take into account what's commercially viable to produce.
September 1, 2019 ■