OREANDA-NEWS At current production rates and consumption levels, Russia's profitable oil reserves may be depleted in 30 years. The world's reserves, concentrated mainly in the Persian Gulf, on the shelves of the Northern Hemisphere, may be depleted in 50 years. 

"In general, with the current production and consumption in Russia, there will be enough profitable oil reserves for the next 30 years. Cost—effective ones are those that can be extracted using current technologies. If we talk about the known reserves as a whole, they will last for about 36 more years," Maslov said.

The picture of the world as a whole is a little more optimistic. The main known reserves, as the analyst said, are concentrated in the Persian Gulf and on the shelves of the Northern Hemisphere. With current consumption and production, they should last for 50 years.

"The world, of course, is not ready for the fact that oil may run out, but it is gradually coming to realize that resources are finite, and this affects the development of "green" and renewable energy sources. Now, of course, their share is small, in the same Germany — about 3-4 percent, but in the last 10 years it has continued to grow steadily," the analyst added.

The Russian authorities in February announced their intention to reduce oil production from March by 500 thousand barrels per day. Later, the voluntary restriction of production was extended twice — for three months and until the end of 2023.