Russia oil reserves now worth $1.2 trillion after new discoveries

Sept. 20 (UPI) -- Russia's oil reserves have nearly doubled in valuation since last year and now total $1.2 trillion, Moscow's Ministry of Natural Resources and Environment reported Friday.

The 88 percent increase is largely attributable to newly discovered reserves and higher valuations for the existing reserve supply. In volume terms, Russia's oil reserves grew by nearly 9 percent and its valuation by $385 billion.

The production cost per barrel remains about $15.50. Oil accounted for 72 percent of Russia's gross domestic product in 2018.

The ministry said the value of Russia's natural gas reserves jumped by $44 billion, to $221 billion, after an increase of 3.6 percent, or 15 trillion cubic meters.

The estimates for oil and natural gas only take into account what's commercially viable to produce.