The G7 Has Paved The Way For Increased Oil And Gas Spending
The G7 Has Paved The Way For Increased Oil And Gas Spending
Underinvestment in oil and gas in the past few years is seen as one of the main reasons for the current imbalance between supply and demand.
G7 nations have acknowledged the need for increased investment in foreign gas projects.
Big oil CEOs are calling for stability and consistency in government policies in order to boost investment.
2022/06/30 18:47
Why Is The United States Still Exporting Fuel?
Why Is The United States Still Exporting Fuel?
The price of gasoline has climbed above $5 per gallon.
U.S. fuel exports have continued to rise, adding additional pressure on domestic fuel inventories.
“With refiners already running at full tilt, something has to give,” BloombergNEF analyst Danny Adkins told Bloomberg.
2022/06/22 16:03
4 Middle Eastern nations are currently building out their refining capacity.
4 Nations That Could Help Solve The Global Fuel Crisis
Middle Eastern refiners could be processing some 8.8 million bpd of crude next year.
4 Middle Eastern nations are currently building out their refining capacity.
This increase is roughly equal to the amount of Russian fuels the European Union has embargoed.
2022/06/22 15:12
5 Midstream Oil Stocks With Perfect Exposure To Soaring Oil Prices
5 Midstream Oil Stocks With Perfect Exposure To Soaring Oil Prices
​After a brief hiatus, the oil price rally is back on track. Crude oil closed with its seventh straight weekly gain thanks to tight fuel supplies sustaining bullish sentiment. After a brief fall on Friday following news that U.S. inflation surged to a fresh 40-year high, WTI crude rebounded to end the week with a 1.5% gain to trade at $122.40/barrel, while Brent crude settled 1.9% higher at $124.03.
2022/06/14 19:39
Russian Oil Production May Fall To 18-Year Low On EU Oil Embargo
Russian Oil Production May Fall To 18-Year Low On EU Oil Embargo
WSJ: full oil embargo could send Russian production to 9.6 million bpd.
IEA estimates that Russia already shut in nearly 1 million bpd in April.
Russian Finance Minister Siluanov. production could drop by 17 percent this year due to the sanctions.
2022/05/14 11:38
PetroChina: "With the improvement of the COVID situation, refined product inventory is now showing a downturn,".
PetroChina Sees Fuel Demand Rising In China Despite COVID
China's biggest refiner sees growing fuel demand in China.
China manufacturing PMI, a barometer for Chinese oil demand, has come in at 47.4 in April’s official data.
PetroChina: "With the improvement of the COVID situation, refined product inventory is now showing a downturn,".
2022/05/09 17:49
OPEC Stays Silent As EU Rushes To Ban Russian Oil
OPEC+ concludes Ministerial meeting with very small additional production increase.
OPEC leaves EU ban of Russian crude undiscussed.
EU sanction drive against Russia has proved to be a boon for OPEC producers.
OPEC is unlikely to materially increase production as EU looks for alternative suppliers.
2022/05/09 14:05
Chinese COVID-19 lockdowns will be a much bigger threat to regional demand in Asia than initially assumed.
Middle East Producers Eager To Hike Prices As Russian Oil Ban Looms
Chinese COVID-19 lockdowns will be a much bigger threat to regional demand in Asia than initially assumed.
Looming EU-ban on Russian crude may further improve demand for Middle East crude grades.
Middle East producers continue to hike prices, but not as aggressively as anticipated.
2022/04/21 20:58
U.S. Oil Drillers Ramp Up Output Amid Higher Prices
U.S. Oil Drillers Ramp Up Output Amid Higher Prices
Permian rig count reached the highest level since April 2020 last week.
Supply chain disruptions and labor shortages are trumped by optimism about demand.
Enterprise Product Partners: U.S. oil production will reach 12.4 million bpd this year, up by 800,000 bpd from 2021.
2022/04/15 20:45
Oil Prices Continue To Rally As EIA Confirms Crude Inventory Draw
Oil Prices Continue To Rally As EIA Confirms Crude Inventory Draw
Oil Prices Continue To Rally As EIA Confirms Crude Inventory Draw
2022/03/31 20:48
The UAE and Saudi Arabia look to boost production capacity this decade.
OPEC Looks Beyond Politics, Focuses On Long-Term Production Plans
Gulf oil producers slam hypocritical attitude towards fossil fuels.
The UAE and Saudi Arabia look to boost production capacity this decade.
OPEC has its priorities, and it is sticking to them, even in the face of growing pressure from its political partners in the West.
2022/03/31 20:44
U.S. crude production is expected to reach a record high in 2023 due to soaring oil prices and natural gas production will also increase as demand for exports grows.
Oil Will Still Dominate The U.S. Energy Market In 2050
While the energy transition is undoubtedly underway, the EIA believes oil and gas will continue to dominate the U.S. energy mix in 2050 as population and economic growth boost energy demand.
Electric vehicles are expected to become more popular in the coming decades but gasoline cars will still make up 79 percent of sales in 2050.
U.S. crude production is expected to reach a record high in 2023 due to soaring oil prices and natural gas production will also increase as demand for exports grows.
2022/03/25 18:19
The G7 Has Paved The Way For Increased Oil And Gas Spending
The G7 Has Paved The Way For Increased Oil And Gas Spending
Underinvestment in oil and gas in the past few years is seen as one of the main reasons for the current imbalance between supply and demand.
G7 nations have acknowledged the need for increased investment in foreign gas projects.
Big oil CEOs are calling for stability and consistency in government policies in order to boost investment.
Why Is The United States Still Exporting Fuel?
Why Is The United States Still Exporting Fuel?
The price of gasoline has climbed above $5 per gallon.
U.S. fuel exports have continued to rise, adding additional pressure on domestic fuel inventories.
“With refiners already running at full tilt, something has to give,” BloombergNEF analyst Danny Adkins told Bloomberg.
4 Middle Eastern nations are currently building out their refining capacity.
4 Nations That Could Help Solve The Global Fuel Crisis
Middle Eastern refiners could be processing some 8.8 million bpd of crude next year.
4 Middle Eastern nations are currently building out their refining capacity.
This increase is roughly equal to the amount of Russian fuels the European Union has embargoed.
5 Midstream Oil Stocks With Perfect Exposure To Soaring Oil Prices
5 Midstream Oil Stocks With Perfect Exposure To Soaring Oil Prices
​After a brief hiatus, the oil price rally is back on track. Crude oil closed with its seventh straight weekly gain thanks to tight fuel supplies sustaining bullish sentiment. After a brief fall on Friday following news that U.S. inflation surged to a fresh 40-year high, WTI crude rebounded to end the week with a 1.5% gain to trade at $122.40/barrel, while Brent crude settled 1.9% higher at $124.03.
Russian Oil Production May Fall To 18-Year Low On EU Oil Embargo
Russian Oil Production May Fall To 18-Year Low On EU Oil Embargo
WSJ: full oil embargo could send Russian production to 9.6 million bpd.
IEA estimates that Russia already shut in nearly 1 million bpd in April.
Russian Finance Minister Siluanov. production could drop by 17 percent this year due to the sanctions.
PetroChina: "With the improvement of the COVID situation, refined product inventory is now showing a downturn,".
PetroChina Sees Fuel Demand Rising In China Despite COVID
China's biggest refiner sees growing fuel demand in China.
China manufacturing PMI, a barometer for Chinese oil demand, has come in at 47.4 in April’s official data.
PetroChina: "With the improvement of the COVID situation, refined product inventory is now showing a downturn,".
OPEC Stays Silent As EU Rushes To Ban Russian Oil
OPEC+ concludes Ministerial meeting with very small additional production increase.
OPEC leaves EU ban of Russian crude undiscussed.
EU sanction drive against Russia has proved to be a boon for OPEC producers.
OPEC is unlikely to materially increase production as EU looks for alternative suppliers.
Chinese COVID-19 lockdowns will be a much bigger threat to regional demand in Asia than initially assumed.
Middle East Producers Eager To Hike Prices As Russian Oil Ban Looms
Chinese COVID-19 lockdowns will be a much bigger threat to regional demand in Asia than initially assumed.
Looming EU-ban on Russian crude may further improve demand for Middle East crude grades.
Middle East producers continue to hike prices, but not as aggressively as anticipated.
U.S. Oil Drillers Ramp Up Output Amid Higher Prices
U.S. Oil Drillers Ramp Up Output Amid Higher Prices
Permian rig count reached the highest level since April 2020 last week.
Supply chain disruptions and labor shortages are trumped by optimism about demand.
Enterprise Product Partners: U.S. oil production will reach 12.4 million bpd this year, up by 800,000 bpd from 2021.
Oil Prices Continue To Rally As EIA Confirms Crude Inventory Draw
Oil Prices Continue To Rally As EIA Confirms Crude Inventory Draw
Oil Prices Continue To Rally As EIA Confirms Crude Inventory Draw
The UAE and Saudi Arabia look to boost production capacity this decade.
OPEC Looks Beyond Politics, Focuses On Long-Term Production Plans
Gulf oil producers slam hypocritical attitude towards fossil fuels.
The UAE and Saudi Arabia look to boost production capacity this decade.
OPEC has its priorities, and it is sticking to them, even in the face of growing pressure from its political partners in the West.
U.S. crude production is expected to reach a record high in 2023 due to soaring oil prices and natural gas production will also increase as demand for exports grows.
Oil Will Still Dominate The U.S. Energy Market In 2050
While the energy transition is undoubtedly underway, the EIA believes oil and gas will continue to dominate the U.S. energy mix in 2050 as population and economic growth boost energy demand.
Electric vehicles are expected to become more popular in the coming decades but gasoline cars will still make up 79 percent of sales in 2050.
U.S. crude production is expected to reach a record high in 2023 due to soaring oil prices and natural gas production will also increase as demand for exports grows.

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