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Russia oil reserves doubled, now worth $1.2 trillion

Christian 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 oil field
Russia   In volume terms, oil reserves grew to $385 billion
The 88 percent increase is largely attributable to newly discovered reserves and higher valuations for the existing reserve supply. In volume terms, Russia's 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