Russian gas reserves second only to Iran

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759710989This month, the Russian government has released the extent of oil and gas reserve- which have been kept secret.

According to Reuters, the cost of Russian Urals crude rose to a maximum value of 109.88 dollars per barrel; the price for North Sea Brent also changed to 109, 53 dollars per barrel. Oil prices have increased by 10-11%.

The global rise in oil prices contributes to the reduction of its reserves in the United States and the tense situation in Egypt. Commercial oil reserves in the country for the week ending July 5, decreased by 9.9 million barrels to 373.9 million barrels.

Energy Aspects analyst Amrita Sen informed Bloomberg news agency that: ‘For the second week in a row reserves in the United States are decreasing significantly. This stirs optimism for the market economy; levelling the production rate.’

Russia may be the world leader in oil reserves. Leading expert of Russian Union of Oil & Gas Producers Rustam Tankan said: ‘The available reserves, if we consider together with C2, will last for 58 years, producing 500 million tons of oil a year. If looking only at categories ABC1, then they will last for 30 years. Each year offers more than 500 million tons of new reserves, with the number of structures, potentially productive for oil and gas, reaching 10 thousand. Therefore, it’s ridiculous to say that we have discovered all oil fields and should not continue. Not even mentioning the fact that the shale practically has not been explored yet. Globally – in oil reserves, we occupy either the first or second place.’