Oil reserves in Russia

Production

Following the collapse of the Soviet Union, Russia's petroleum output fell sharply, and has rebounded only in the last several years. The Soviet Union reached a peak of 12.58 million barrels per day (2.000×10⁶ m³/d) in total liquids in 1988, and production had fallen to around 6 million barrels per day (950×10³ m³/d) by the mid-1990s. A turnaround in Russian oil output began in 1999, which many analysts attribute to the privatization of the industry. Higher world oil prices, the use of Japanese technology, and the rejuvenation of old oil fields also helped. By 2007 Russian production had recovered to 9.8 million barrels per day (1.56×10⁶ m³/d), but was growing at a slower rate than 2002–2004. In 2008, production fell 1 percent in the first quarter and Lukoil vice president Leonid Fedun said $1 trillion would have to be spent on developing new reserves if current production levels were to be maintained. The editor-in-chief of the Russian Petroleum Investor claims that Russian production had reached a secondary peak in 2007.

In 2007, Russia produced roughly 9.8 million barrels per day (1.56×10⁶ m³/d) of liquids, consumed roughly 2.8 million barrels per day (450×10³ m³/d) in liquids, and exported (in net) around 7 million barrels per day (1.1×10⁶ m³/d). Over 70 percent of Russian oil production was exported, while the remaining 30 percent was refined locally. In early 2008 Russian officials were reported to be concerned because, after rising just 2% during 2007, oil production started to decline again in 2008. The Russian government proposed tax cuts on oil in an attempt to stimulate production.

By 2011, Russian oil production had increased to 10.54 million barrels per day (1.676×10⁶ m³/d). It is the second largest exporter of oil in the world.

In October 2018, Russia's crude oil output grew to 11.61 million barrels per day (1.846×10⁶ m³/d), a new post-Soviet record.

Reserve estimates

The Russia reserve estimates in the table below were posted in 2006, except that from the US EIA

The ABC1 classification is based on the Russian system, and is that system's closest equivalent to the Society of Petroleum Engineers (SPE) proven reserves. It is regarded by some as somewhat less strict than the SPE proven reserves.

On 29 September 2014, President of the Union of Oil and Gas Producers of Russia Gennady Shmal told a press conference that Russia's discovered oil reserves (ABC1) stand at 17.8 billion tons (17.8 * 10¹² m³). He said that C2 reserves stand at 8 billion tons. The Russian designation ABC1 corresponds to proved reserves (proved developed producing, proved developed nonproducing, and proved undeveloped), while C2 corresponds to probable and possible reserves.

Tight oil

Significant reserves of unconventional tight oil such as contained in the Bazhenov Formation are believed to exist in western Siberia. An estimate by Wood Mackenzie of the Bazhenov Formation was that it contained 2 trillion barrels of oil in place; achievable recovery factors are unknown.