EIA: This year, demand for petroleum, both in the United States and globally, has largely returned to the pre-pandemic levels in 2019
EIA: Oil Demand Rebounds Faster than Supply
Crude oil demand is rebounding faster than supply, pushing prices higher
EIA: This year, demand for petroleum, both in the United States and globally, has largely returned to the pre-pandemic levels in 2019
2021/11/12 09:14
Amid efforts by the Biden administration to put a lid on fuel prices, it was the passage of the Democratic-sponsored $1-trillion infrastructure bill last weekend that became the latest strongly bullish driver for oil.
Biden’s $1 Trillion Spending Package Will Boost Oil Demand
The Democratic-sponsored $1-trillion infrastructure bill last weekend became the latest bullish driver of oil prices
More consumption growth lies in wait once travel begins in earnest and jet fuel demand picks up
The Biden Administration has limited options to keep oil prices in check this winter
2021/11/12 09:07
Independent refiners in China boosted imports of oil from Iran between August and October
China Boosts Imports Of ''Cheap'' Iranian Crude
Independent refiners in China boosted imports of oil from Iran between August and October
Between August and October 2021, China imported on average 560,000 barrels per day (bpd) of Iranian oil
2021/11/12 09:02
A group of Democratic Senators has called on President Joe Biden to reimpose a ban on crude oil exports
Democrats Call On Biden To Ban Oil Exports
A group of Democratic Senators has called on President Joe Biden to reimpose a ban on crude oil exports
The same group blamed higher gasoline prices on OPEC
Democratic Senators: high gasoline prices have placed an undue burden on families and small businesses
2021/11/10 17:07
An expected rise in jet fuel demand will eliminate all spare production capacity
Saudi Arabia Warns Of Shrinking Spare Oil Production Capacity
Aramco CEO: The world will see its level of spare oil production capacity dwindle next year
An expected rise in jet fuel demand will eliminate all spare production capacity
2021/11/10 17:04
Saudi Arabia reported economic growth of 6.8 percent on the year for the third quarter on the back of higher oil prices. This is the highest quarterly growth for the Kingdom since 2012, Reuters noted in a report.
Saudi Arabia's Economy Booms As Oil Prices Rise
Saudi Arabia reported economic growth of 6.8 percent on the year for the third quarter on the back of higher oil prices. This is the highest quarterly growth for the Kingdom since 2012, Reuters noted in a report.
2021/11/10 17:00
Iran enjoys some of the lowest lifting costs per barrel in the world
Iran Could Produce Billions Of Barrels From 4 Little-Known Oilfields
Iran looks to ramp up production in four lesser-known oil fields
Iran’s Petroleum Ministry looks to use EOR-techniques to extract more oil from existing fields
Iran enjoys some of the lowest lifting costs per barrel in the world
2021/11/10 16:55
Biden’s Infrastructure Bill is often painted as being anti-fossil fuels, but the truth is that the bill will provide a major boost to the oil and gas industry
Biden’s Infrastructure Bill Will Boost Oil Demand
Biden’s Infrastructure Bill is often painted as being anti-fossil fuels, but the truth is that the bill will provide a major boost to the oil and gas industry
2021/11/10 16:49
oil extraction machine,oil extractor pump
How The U.S. Lost Control Of This Giant Iraqi Oilfield
The U.S. Lost Control Of This Giant Iraqi Oilfield.
2021/11/05 16:49
Crude oil prices fell after the EIA reported an oil inventory build of 3.3 million barrels
Crude Drifts Lower On EIA Inventory Report
Crude oil prices fell after the EIA reported an oil inventory build of 3.3 million barrels
The authority also reported mixed results in gasoline and middle distillates
2021/11/04 18:28
The price of oil has climbed to multi-year highs, and oil companies are raking it in.
When Will America’s Oil Industry Open The Taps?
The price of oil has climbed to multi-year highs, and oil companies are raking it in.
2021/11/03 17:45
There is still plenty of upside for oil prices from here as demand is on course to outstrip supply throughout the rest of the year
Why Oil Prices Will Rise In The Short Term
There is still plenty of upside for oil prices from here as demand is on course to outstrip supply throughout the rest of the year
Plenty of analysts are now preparing for $100 oil, with demand destruction unlikely to occur at current prices
Despite the inflationary impact of rising oil prices, it is unlikely that markets will be driven into a recession
2021/11/02 13:41
EIA: This year, demand for petroleum, both in the United States and globally, has largely returned to the pre-pandemic levels in 2019
EIA: Oil Demand Rebounds Faster than Supply
Crude oil demand is rebounding faster than supply, pushing prices higher
EIA: This year, demand for petroleum, both in the United States and globally, has largely returned to the pre-pandemic levels in 2019
Amid efforts by the Biden administration to put a lid on fuel prices, it was the passage of the Democratic-sponsored $1-trillion infrastructure bill last weekend that became the latest strongly bullish driver for oil.
Biden’s $1 Trillion Spending Package Will Boost Oil Demand
The Democratic-sponsored $1-trillion infrastructure bill last weekend became the latest bullish driver of oil prices
More consumption growth lies in wait once travel begins in earnest and jet fuel demand picks up
The Biden Administration has limited options to keep oil prices in check this winter
Independent refiners in China boosted imports of oil from Iran between August and October
China Boosts Imports Of ''Cheap'' Iranian Crude
Independent refiners in China boosted imports of oil from Iran between August and October
Between August and October 2021, China imported on average 560,000 barrels per day (bpd) of Iranian oil
A group of Democratic Senators has called on President Joe Biden to reimpose a ban on crude oil exports
Democrats Call On Biden To Ban Oil Exports
A group of Democratic Senators has called on President Joe Biden to reimpose a ban on crude oil exports
The same group blamed higher gasoline prices on OPEC
Democratic Senators: high gasoline prices have placed an undue burden on families and small businesses
An expected rise in jet fuel demand will eliminate all spare production capacity
Saudi Arabia Warns Of Shrinking Spare Oil Production Capacity
Aramco CEO: The world will see its level of spare oil production capacity dwindle next year
An expected rise in jet fuel demand will eliminate all spare production capacity
Saudi Arabia reported economic growth of 6.8 percent on the year for the third quarter on the back of higher oil prices. This is the highest quarterly growth for the Kingdom since 2012, Reuters noted in a report.
Saudi Arabia's Economy Booms As Oil Prices Rise
Saudi Arabia reported economic growth of 6.8 percent on the year for the third quarter on the back of higher oil prices. This is the highest quarterly growth for the Kingdom since 2012, Reuters noted in a report.
Iran enjoys some of the lowest lifting costs per barrel in the world
Iran Could Produce Billions Of Barrels From 4 Little-Known Oilfields
Iran looks to ramp up production in four lesser-known oil fields
Iran’s Petroleum Ministry looks to use EOR-techniques to extract more oil from existing fields
Iran enjoys some of the lowest lifting costs per barrel in the world
Biden’s Infrastructure Bill is often painted as being anti-fossil fuels, but the truth is that the bill will provide a major boost to the oil and gas industry
Biden’s Infrastructure Bill Will Boost Oil Demand
Biden’s Infrastructure Bill is often painted as being anti-fossil fuels, but the truth is that the bill will provide a major boost to the oil and gas industry
oil extraction machine,oil extractor pump
How The U.S. Lost Control Of This Giant Iraqi Oilfield
The U.S. Lost Control Of This Giant Iraqi Oilfield.
Crude oil prices fell after the EIA reported an oil inventory build of 3.3 million barrels
Crude Drifts Lower On EIA Inventory Report
Crude oil prices fell after the EIA reported an oil inventory build of 3.3 million barrels
The authority also reported mixed results in gasoline and middle distillates
The price of oil has climbed to multi-year highs, and oil companies are raking it in.
When Will America’s Oil Industry Open The Taps?
The price of oil has climbed to multi-year highs, and oil companies are raking it in.
There is still plenty of upside for oil prices from here as demand is on course to outstrip supply throughout the rest of the year
Why Oil Prices Will Rise In The Short Term
There is still plenty of upside for oil prices from here as demand is on course to outstrip supply throughout the rest of the year
Plenty of analysts are now preparing for $100 oil, with demand destruction unlikely to occur at current prices
Despite the inflationary impact of rising oil prices, it is unlikely that markets will be driven into a recession

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