Russian oil reserves to run out by 2044, predicts minister

With current estimates putting Russian oil reserves at 29bn tons and annual crude oil production running at 505m tons Russia has enough oil to last another  28 years, the country’s Natural Resources and Environment Minister Sergei Donskoi told  the Rossiiskaya Gazeta newspaper this week.
“If we take these figures at face value, then open reserves will last for 57 years,” he said, but then pointed out that economically recoverable oil only amounted to 14bn tons.