Novak responded to the words of a Saudi Prince about the withdrawal of Russia from the oil market

© RIA Novosti / Yuri to Sombrerete in fotosannette towers in Kogalym. Archival photoNovak responded to the words of a Saudi Prince about the withdrawal of Russia from the oil market© RIA Novosti / Yuri to Combinate the image Bank

Minister of energy Alexander Novak commented on the recent statement by a Saudi Prince about the withdrawal of Russia from the world oil market.

As said Novak, Russia is the world leader in the oil industry. According to him, this situation will continue in the long term.

«Our strategy provides for the continuation of oil production at current levels and even with a small increase», — concluded the Minister of energy.

The statement of a Saudi Prince

Earlier the crown Prince of Saudi Arabia Mohammed bin Salman al-Saud in an interview with Bloomberg said that by 2030, the number of oil-producing countries, including Russia, almost completely cease production and leave the market.

According to him, five years will dramatically reduce the production of China. And after 19 years of oil production in Russia, «with its ten million barrels greatly reduced, if not disappear altogether,» said bin Salman.

The forecast is puzzling

The crown Prince is puzzling, but in the current market it is not expected to have any impact, said RIA Novosti first Deputy head of the economic Committee of the Federation Council Sergei Kalashnikov.

He stressed that Russia has a large percentage of unconfirmed oil reserves.

The Senator recalled that the volume of explored fields is declining worldwide, but they are replaced by other fuels, including shale oil.

First Deputy Chairman of state Duma Committee for energy, Igor Ananskikh emphasized that there are no prerequisites for Russia’s withdrawal from the oil market.

He noted that the reserves are there, and companies are actively investing in development.

Expert opinion

Russia is provided by active oil reserves at 33 years of production, said in an interview with RIA Novosti rector of the Russian state geological exploration University. Sergo Ordzhonikidze Vadim Kasyanov.

The scientist explained that the active reserves are those volumes of production for which there is no technological or other obstacles.

He stressed that many mineral reserves are still unexplored, and new technologies allow mining where previously it was impossible or was considered unprofitable.

In September, the average daily oil production in Russia amounted to 11.35 million barrels.Novak responded to the words of a Saudi Prince about the withdrawal of Russia from the oil market© Infographicsrussia forces in the world oil market

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