According to finance expert Max Keiser, Russia will be out of oil by 2044, with the production peak expected to occur in 2020.
Russia’s Ministry of Natural Resources and Environment, says that they have potential recoverable oil reserves of about 29 billion tons – enough to last for 57 years. However, proven reserves are just half of that (14 billion tons) and are only expected to last 28 years. This does not mean that Russia is going to ‘run out of oil’. Rather, like the USA and Canada, Russia will have to go after increasingly expensive oil such as that beneath Russia’s part of the Arctic.
Russia is currently the world’s third largest oil producer, and their admission that peak production is not too far in the future will ring alarm bells among those who fear that the largest producer – Saudi Arabia – will also soon reach the point where it has no oil to export.
Once the world has finished burning through the current (largely US shale) over-production, we can look forward to the mother of all oil price shocks!