Russia: Crude oil reserves declining: Russia’s crude oil depleted?
Russia:
Russia boasts the world’s second largest production of natural gas and the world’s third largest production of crude oil.
Russia’s economic crisis is serious:
Russia’s economy is at stake.
Russia is very afraid of additional sanctions from Western countries.
Importance of the Russian oil industry:
Russian natural gas is often talked about.
However, the backbone of the Russian economy is crude oil.
Russian oil industry:
15% of Russia’s GDP,
40% of Russia’s exports,
It accounts for 30% of federal revenues.
Russian oil industry changes:
But Russia’s oil industry is undergoing a change.
Is Russia’s crude oil depleted?
Russia’s crude oil production in December last year was “10.9 million barrels a day, the same level as the previous month.”
OPEC Plus plans to increase production by 400,000 barrels a day every month.
However, Russia did not reach its production target by 40,000 barrels.
Russia’s crude oil production last year was “10.52 million barrels a day, up 250,000 barrels from the previous year.”
It has not reached the “highest level in 2019 after the collapse of the Soviet Union (11.25 million barrels per day)”.
Russia’s crude oil reserves decline:
“Russia’s crude oil reserves themselves are declining,” it became clear.
It was the Tyumen oil field in western Siberia that pushed Russia to the status of an oil power.
The Chumeni oil field is in the stage of reduced production:
As a result of continued large-scale development
Crude oil production in Western Siberia has passed its peak and has entered a stage of reduced production.
(Reduced by 10% in the last 10 years)
Economic sanctions in Western countries:
“Western countries opposed to Russia’s annexation of Crimea in 2014” implemented economic sanctions.
Russia is not developing as expected due to restrictions on both technology and funding due to sanctions.
Russian government:
“Energy Strategy by 2035” formulated in 2020
“Russia’s crude oil production in 2035 will be 12% lower than it is now, at worst.”
Russian crude oil has a lifespan of 20 years:
Russian government official:
“Russian crude oil has a lifespan of less than 20 years,” he said, pessimistically.
Russia’s true intentions:
Due to the situation in Ukraine, additional sanctions will be imposed by Western countries.
You have to avoid it at all costs,
This is the true intention of Russia.
Hyundai Business | Kodansha
https://gendai.ismedia.jp/articles/-/92036
Russia’s weak December oil production signals lack of capacity