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  Tuesday, August 20, 2019
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If Russia intends to extract 450-500 million barrels of oil annually, its reserves will quickly be exhausted
If Russia intends to extract 450-500 million barrels of oil annually, its reserves will quickly be exhausted, according to the chairman of the subcommittee for the development of the petroleum sector at the Russian Trade and Industry Chamber, Valerii Garipov. Garipov made the remarks at a scientific symposium Thursday entitled 'Oil and the Russian Economy.' According to Garipov, 'Today we are selling reserves which belong to our children and grandchildren. We are sawing off the branch on which we are seated.' He said that it was imperative that a new government program to regulate the extraction of oil be worked out, or else the Russian economy would explode. In 2003, oil extraction in Russia totaled 421 million tons, or 11% more than in 2002. In 2004, the expected figure is 432 million tons.
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