RUSSIA: 0,6 B TONS
Russia's known oil reserves are enough to provide a yearly extraction of 600 million tons of oil for the next 30 years, Natural Resources Minister Sergei Donskoi told lawmakers on May 28, RIA Novosti has reported.
"The Russian Federation has a substantial potential to expand its oil reserves – the most reliable prospective oil resources found on the country's territory make up 12.5 billion tons, while the less carefully studied forecast resources are estimated to have 50 billion tons," Donskoi said.
"The already discovered resource base will essentially be enough to provide for the yearly extraction of 600 million tons of oil for the next 30 years," the minister added.
The minister also called for measures to explore fields that have a more complex structure and have not been counted in the tally. The government is directing its attention and money towards alternative resources that are harder to extract, he said.
The latest economic measures will allow an increase in oil production by 20 million tons on average, boosting tax revenues by $60 billion by 2032.
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IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.