Russia Oil Reserves, Production and Consumption Statistics (2024)

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Russia Oil Reserves, Production and Consumption Statistics? ›

Russia's proved oil reserves were 80 billion barrels as of January 1, 2024. Russia produced nearly 10.8 million barrels per day (b/d) in total liquid fuels in 2023, a 2% decrease from 2022 (Figure 3).

Russia's proved oil reserves were 80 billion barrels as of January 1, 2024. Russia produced nearly 10.8 million barrels per day (b/d) in total liquid fuels in 2023, a 2% decrease from 2022 (Figure 3).

According to official data, Russia's reserves are at about 19 billion tons of oil, which, with an average annual production of 500 million tons, will last for about 40 years.

In the updated estimates, Russian oil production is seen declining to 521.3 million tons this year from 529.6 million tons in 2023 and down by 1.7 million tons from the previous estimate.

Thanks to the shale oil boom, the US is now sitting on more oil reserves than Russia, which estimates as having 256 billion barrels of untapped oil. The next-richest countries in terms of oil after that are: Saud Arabia (212 billion), Canada (167 billion), Iran (143 billion) and Brazil (120 billion).

Venezuela has the largest amount of oil reserves in the world with more than 300 billion barrels in reserve. Saudi Arabia has the second-largest amount of oil reserves in the world with 297.5 billion barrels.

How much oil does America have? government estimates, the United States' technically recoverable oil resource base totals 162.9 billion barrels. increased to replace all imports from the Persian Gulf, our own oil would still last for about 50 years. whenever we look for oil, we tend to find more.

The value of Russia's crude oil exports has plummeted by nearly 30% since the end of June as falling international benchmark prices are depressing the value of the cheaper Russian crude grades, Bloomberg has estimated.

Who consumes the most Russian oil? ›

A lower price cap of USD 30 per barrel (still well above Russia's production cost that averages USD 15 per barrel) would have slashed Russia's revenue by EUR 51 bn (24%) since the sanctions were imposed in December 2022 until the end of April 2024.

Russia was the country with the most crude oil production in 2017, but production growth in Russia has since lagged behind the United States. Average annual production in Russia peaked in 2019 at 10.8 million b/d, when it trailed the United States by 1.4 million b/d.

OPEC was formed in 1960 and its 13 current member states hold more than 80% of the world's proven oil reserves.

Thus, while the U.S. might indeed have greater oil resources than Saudi Arabia, U.S. oil reserves (per the BP Statistical Review of World Energy) are only about 1/10th those of Saudi Arabia.

How much oil does America have? government estimates, the United States' technically recoverable oil resource base totals 162.9 billion barrels. increased to replace all imports from the Persian Gulf, our own oil would still last for about 50 years. whenever we look for oil, we tend to find more.

According to the most recent data from the Ministry of Natural Resources, China's oil reserves totalled about 3.8 billion tonnes in 2022, accounting for about 1.58 per cent of global reserves, and ranking 13th in the world.