Will OPEC Cut Oil Output On Labor Day?
Will OPEC Cut Oil Output On Labor Day?
OPEC is meeting on September 5 to discuss the state of the oil market.
The cartel is considering slashing oil production.
Reports of where oil demand is heading remain mixed.
2022/09/05 16:12
The G7 Could Finalize Plans For A Price Cap On Russian Oil Today
The G7 Could Finalize Plans For A Price Cap On Russian Oil Today
G7 finance ministers are set to finalize a plan on a potential price cap on Russian oil.
Despite Russia’s falling oil export volumes, revenues in June increased by $700m from May due to prices pushed higher by its war in Ukraine.
The Kremlin has since warned it will not tolerate any restrictions to prices, and Gazprom would instead only ship oil to states not obeying the price ceiling.
2022/09/03 11:34
A recession could weigh further on global oil demand, though many analysts are bullish on oil in 2023.
Will Oil Prices Head Higher In 2023?
Oil prices have traded below $100 per barrel since the beginning of August.
A recession could weigh further on global oil demand, though many analysts are bullish on oil in 2023.
The looming EU embargo on Russian seaborne oil imports at the end of this year is also expected to push prices higher.
2022/08/25 17:06
JODI: global crude inventories fell by 21.8 million barrels to 915.8 million barrels in June.
U.S. Crude Inventories Fell To Lowest Level Since 2004 In June
JODI: global crude inventories fell by 21.8 million barrels to 915.8 million barrels in June.
The low level of crude inventories coincided with record-high gasoline prices in the U.S. in June.
Product inventories, on the other hand, rose by 34.1 million barrels to 650.5 million barrels.
2022/08/18 09:38
Russia became China’s largest oil supplier earlier this year, according to Chinese customs data for May, overtaking its OPEC+ partner Saudi Arabia.
Energy Sanctions On Russia Have Been A Boon For China And India
The war in Ukraine has forced the West to target Russian energy exports.
Russia has instead offered its crude oil at massive discounts to India and China.
Russia became China’s largest oil supplier earlier this year, according to Chinese customs data for May, overtaking its OPEC+ partner Saudi Arabia.
2022/08/18 09:33
U.S. shale producers have resisted calls from the government to substantially raise production, preferring to return cash to shareholders and repair their balance sheets.
Saudi Aramco Is Taking A Page Out Of The U.S. Shale Playbook
U.S. shale producers have resisted calls from the government to substantially raise production, preferring to return cash to shareholders and repair their balance sheets.
The Kingdom of Saudi Arabia-KSA has also received calls from the U.S. government to increase its output. KSA has notionally agreed, but with relatively token amounts that do not address the U.S. government’s goal of reducing oil prices.
A closer look at their recent report to shareholders, along with other investing actions they have taken, seems to draw similarities in mindset with U.S. shale producers, in terms of holding to previously announced capital restraint.
2022/08/18 09:15
Energy traders saw their profits spike during the pandemic, and continue to perform well in 2022.
Commodities Trading: The Secret Behind Big Oil’s Bumper Earnings
Energy traders saw their profits spike during the pandemic, and continue to perform well in 2022.
BP has managed to build one of the most successful energy trading ventures.
Massive trading floors that sometimes rival Wall Street’s biggest banks are becoming increasingly important to oil companies.
2022/08/04 09:53
Traders Are Betting On The End Of The Oil Price Slump
Money managers have started to close out short positions on oil.
The oil price slump that started mid-June could be about to reverse.
The disconnect between the physical crude market and paper crude market remains large.
2022/07/26 18:42
The Middle East Oil Bonanza Will Slow In 2023
The Middle East Oil Bonanza Will Slow In 2023
Slowing global oil demand growth next year, spiking food prices, and fears of recession in major oil-importing countries are set to slow economic growth in the Middle East.
2022/07/22 14:20
Russia and Saudi Arabia saw the largest production gains within the group of producers in June
Putin Calls Saudi Crown Prince To Discuss Oil Market, OPEC+
Putin and MBS discuss OPEC+ and oil markets in phone call.
Russia and Saudi Arabia saw the largest production gains within the group of producers in June.
The phone call is just the latest in a series of calls between Saudi Arabia and Russia.
2022/07/22 14:16
IEA Slashes Oil Forecast As Demand Destruction Looms Over The Market
IEA Slashes Oil Forecast As Demand Destruction Looms Over The Market
High fuel prices is beginning to weigh on consumption.
The IEA has slashed its demand forecast, revising down its estimates by 100,000 bpd.
“Higher prices and a deteriorating economic environment have started to take their toll on oil demand,” the agency said.
2022/07/14 17:18
Though oil prices are on the rise across the globe, China is seeing prices fall.
China Is Taking Advantage Of Western Sanctions On Russia
Though oil prices are on the rise across the globe, China is seeing prices fall.
Western sanctions against Russia have left Moscow willing to unload its crude at mind-bending discounts.
China is taking advantage of the current geopolitical climate, buying up as much Russian oil as it can.
2022/07/06 18:49
Will OPEC Cut Oil Output On Labor Day?
Will OPEC Cut Oil Output On Labor Day?
OPEC is meeting on September 5 to discuss the state of the oil market.
The cartel is considering slashing oil production.
Reports of where oil demand is heading remain mixed.
The G7 Could Finalize Plans For A Price Cap On Russian Oil Today
The G7 Could Finalize Plans For A Price Cap On Russian Oil Today
G7 finance ministers are set to finalize a plan on a potential price cap on Russian oil.
Despite Russia’s falling oil export volumes, revenues in June increased by $700m from May due to prices pushed higher by its war in Ukraine.
The Kremlin has since warned it will not tolerate any restrictions to prices, and Gazprom would instead only ship oil to states not obeying the price ceiling.
A recession could weigh further on global oil demand, though many analysts are bullish on oil in 2023.
Will Oil Prices Head Higher In 2023?
Oil prices have traded below $100 per barrel since the beginning of August.
A recession could weigh further on global oil demand, though many analysts are bullish on oil in 2023.
The looming EU embargo on Russian seaborne oil imports at the end of this year is also expected to push prices higher.
JODI: global crude inventories fell by 21.8 million barrels to 915.8 million barrels in June.
U.S. Crude Inventories Fell To Lowest Level Since 2004 In June
JODI: global crude inventories fell by 21.8 million barrels to 915.8 million barrels in June.
The low level of crude inventories coincided with record-high gasoline prices in the U.S. in June.
Product inventories, on the other hand, rose by 34.1 million barrels to 650.5 million barrels.
Russia became China’s largest oil supplier earlier this year, according to Chinese customs data for May, overtaking its OPEC+ partner Saudi Arabia.
Energy Sanctions On Russia Have Been A Boon For China And India
The war in Ukraine has forced the West to target Russian energy exports.
Russia has instead offered its crude oil at massive discounts to India and China.
Russia became China’s largest oil supplier earlier this year, according to Chinese customs data for May, overtaking its OPEC+ partner Saudi Arabia.
U.S. shale producers have resisted calls from the government to substantially raise production, preferring to return cash to shareholders and repair their balance sheets.
Saudi Aramco Is Taking A Page Out Of The U.S. Shale Playbook
U.S. shale producers have resisted calls from the government to substantially raise production, preferring to return cash to shareholders and repair their balance sheets.
The Kingdom of Saudi Arabia-KSA has also received calls from the U.S. government to increase its output. KSA has notionally agreed, but with relatively token amounts that do not address the U.S. government’s goal of reducing oil prices.
A closer look at their recent report to shareholders, along with other investing actions they have taken, seems to draw similarities in mindset with U.S. shale producers, in terms of holding to previously announced capital restraint.
Energy traders saw their profits spike during the pandemic, and continue to perform well in 2022.
Commodities Trading: The Secret Behind Big Oil’s Bumper Earnings
Energy traders saw their profits spike during the pandemic, and continue to perform well in 2022.
BP has managed to build one of the most successful energy trading ventures.
Massive trading floors that sometimes rival Wall Street’s biggest banks are becoming increasingly important to oil companies.
Traders Are Betting On The End Of The Oil Price Slump
Money managers have started to close out short positions on oil.
The oil price slump that started mid-June could be about to reverse.
The disconnect between the physical crude market and paper crude market remains large.
The Middle East Oil Bonanza Will Slow In 2023
The Middle East Oil Bonanza Will Slow In 2023
Slowing global oil demand growth next year, spiking food prices, and fears of recession in major oil-importing countries are set to slow economic growth in the Middle East.
Russia and Saudi Arabia saw the largest production gains within the group of producers in June
Putin Calls Saudi Crown Prince To Discuss Oil Market, OPEC+
Putin and MBS discuss OPEC+ and oil markets in phone call.
Russia and Saudi Arabia saw the largest production gains within the group of producers in June.
The phone call is just the latest in a series of calls between Saudi Arabia and Russia.
IEA Slashes Oil Forecast As Demand Destruction Looms Over The Market
IEA Slashes Oil Forecast As Demand Destruction Looms Over The Market
High fuel prices is beginning to weigh on consumption.
The IEA has slashed its demand forecast, revising down its estimates by 100,000 bpd.
“Higher prices and a deteriorating economic environment have started to take their toll on oil demand,” the agency said.
Though oil prices are on the rise across the globe, China is seeing prices fall.
China Is Taking Advantage Of Western Sanctions On Russia
Though oil prices are on the rise across the globe, China is seeing prices fall.
Western sanctions against Russia have left Moscow willing to unload its crude at mind-bending discounts.
China is taking advantage of the current geopolitical climate, buying up as much Russian oil as it can.

Russia Has Oil Reserves At Least Until 2080

2021/05/15 16:13
Russia’s oil reserves will last until 2080 at the current pace of annual production, Natural Resources Minister Alexander Kozlov told Russian outlet RBC in an interview this week.

Russia’s oil reserves will last until 2080 at the current pace of annual production, Natural Resources Minister Alexander Kozlov told Russian outlet RBC in an interview this week.

Russia also has natural gas reserves for another 103 years of annual production at current output levels, the minister said.

Russia’s actual oil and gas reserves could even rise if it steps up exploration in hard-to-drill areas, the minister added, noting that Russia needs to develop exploration, including in hard-to-reach areas.

Last month, Evgeny Kiselev, the head of the Russian Federal Agency for Mineral Resources, told state outlet Rossiyskaya Gazeta  that Russia has 58 years worth of oil reserves, of which 19 years to profitably pump those reserves at current levels with current technology. Advances in technology, however, will constantly push back the deadline.

Asked how long Russia would have oil reserves, Kiselev said “indefinitely.”

Oil and gas export revenues are key to Russia’s budget income. Oil price collapses like last year’s lead to belt-tightening policies despite Moscow’s insistence that it can live with $30 oil.

Russia’s production fell last year and is set for slight growth this year and next, according to government data and estimates.

After setting a post-Soviet high in oil and condensate production in 2019, Russia saw its output drop by 8.6 percent in 2020 due to the lower global demand and low oil prices, as well as the OPEC+ production cuts. Russia’s crude oil and condensate production fell in 2020 for the first time since the 2008 financial crisis and then slump in oil prices, according to government statistics.  

Last month, Russia cut its estimates for domestic crude oil, gas, and coal production for 2021 and 2022, but kept the estimates for the oil production for 2023 and 2024 unchanged. As per the latest forecasts from the Russian government, oil production this year is set to stand at 517 million tons, down from a previous estimate of 560 million tons. The projection for Russia’s oil output in 2022 was also reduced, to 548 million tons, down from earlier estimates of production of 558 million tons.


Oil Reserves