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[size=30]Moscow reveals the cost of producing a barrel of oil in Russia[/size]
04/10/2017 11:51 | Number of readings:
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Trend Press / Agencies
Deputy Minister of Energy Anton Eniotsen revealed that the cost of producing a barrel of oil in Russia, one of the world's leading producers of crude, ranges between 3 and 8 dollars.
"The low production cost of $ 3- $ 8 a barrel and the increased depth of extraction are all factors that give Russia a high competitive advantage," Russian Energy Week, a magazine covering the event this week in Moscow, quoted the Russian official as saying.
In 2016, according to Iniotsin, Russia maintained not only the world's top gas suppliers, accounting for 20% of the world's total supply of blue fuel, but also the world's largest oil supplier, with black gold exports accounting for 12% of world exports.
Russian Energy Minister Alexander Novak announced in March that Russia's oil and gas reserves had been sufficient for more than 50 years.
Russia's crude oil production in September was 10.91 million bpd, down 3 percent from October, data from the Russian Energy Ministry showed.
Russia's natural gas production reached 53.69 billion cubic meters last month, or 1.79 billion cubic meters per day, compared with 54.2 billion in August.
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