ExxonMobil posts strongest net profit in 7 years
Exxon And Chevron Post Blockbuster Earnings Amid Oil Price Rally
ExxonMobil posts strongest net profit in 7 years
Upstream misses expectations
Strong downstream and natural gas sales lead to record free-cash-flow
2021/11/02 13:15
Energy Secretary Jennifer Granholm blames OPEC+ for high crude prices
Biden: OPEC And Russia Must Pump More Oil To Help America's Working Class
Biden: The refusal of OPEC+ to increase crude oil production is affecting America's working class
Energy Secretary Jennifer Granholm blames OPEC+ for high crude prices
2021/11/02 13:06
California’s is transitioning away from oil at a faster rate than most states, and looks unlikely to stop any time soon
California Is Aggressively Pursuing A Future Without Oil
California’s oil industry provides a major source of revenue for the state and creates a huge number of jobs, but that won’t stop the state’s governor from phasing it out
2021/10/30 16:07
Have Oil Markets Suddenly Turned Bearish?
Have Oil Markets Suddenly Turned Bearish?
Oil and gas prices have seen a bit of a correction over the last few days
Implied crude demand fell w/w for all products except jet fuel, with the key mismatch being between total crude inventories and inventories at the WTI pricing hub in Cushing, Oklahoma
2021/10/29 20:09
Without a significant uptick in investment, demand for oil and gas will surpass supply in the not-so-distant future
A Global Oil Shortage Is Inevitable
While oil and gas companies come under pressure to reduce production, the world’s thirst for new supply is only growing
2021/10/27 19:50
OPEC+ is adding 400,000 bpd to its combined output every month
Saudi Oil Minister: OPEC+ Shouldn't Rush To Boost Production
Saudi Oil Minister: OPEC+ needs to remain cautious with its approach to oil production adjustments despite rising prices
2021/10/26 19:28
Permian Basin production costs are expected to rise by 10 to 15 percent in the coming year.
Oilfield Service Companies Can’t Catch A Break
Though the global energy crunch is not impacting the United States as much as its European and Asian counterparts, it will have an impact on Permian producers.
2021/10/25 18:52
Canada is facing resistance from all sides, with its pipelines to the U.S. coming under pressure from state governors and Justin Trudeau determined to transition away from fossil fuels
Canada’s Oil Industry Is Facing Resistance On All Fronts
The IEA has predicted that Canada’s oil production will begin to decline at the end of this decade, but not before the country increases its production by up to 700,000 bpd
2021/10/23 16:10
Oil Rebounds On Surprise Crude Inventory Draw
Oil Rebounds On Surprise Crude Inventory Draw
Crude inventories fell by 400,000 barrels.Gasoline production rose last week, while inventories continue to fall.Middle distillate production fell slightly along with inventories.
2021/10/21 17:43
Permian Oil Output Close To Pre-Pandemic LevelPermian Oil Output Close To Pre-Pandemic Level
Permian Oil Output Close To Pre-Pandemic Level
Crude oil production in the Permian has climbed closer to pre-pandemic levels, according to the latest drilling productivity report of the Energy Information Administration.
2021/10/20 17:53
Both oil prices and natural gas prices are significantly higher than where they were this time last year, and earnings should reflect that
Excitement Builds As Big Oil Prepares To Release Earnings
▶After a disastrous 2020, oil majors have now well and truly recovered and analysts expect an impressive earnings season this quarter
2021/10/20 17:48
OPEC+ Under Produces Quota Despite Calls For More Oil
OPEC+ Under Produces Quota Despite Calls For More Oil
The OPEC+ group saw its overall compliance with the collective oil production cuts at 115 percent in September, a delegate told Argus on Monday, down from the 116-percent compliance in August, but still higher than the market had hoped, with some members of the alliance failing to ramp up production in line with their quotas.
2021/10/19 18:36
ExxonMobil posts strongest net profit in 7 years
Exxon And Chevron Post Blockbuster Earnings Amid Oil Price Rally
ExxonMobil posts strongest net profit in 7 years
Upstream misses expectations
Strong downstream and natural gas sales lead to record free-cash-flow
Energy Secretary Jennifer Granholm blames OPEC+ for high crude prices
Biden: OPEC And Russia Must Pump More Oil To Help America's Working Class
Biden: The refusal of OPEC+ to increase crude oil production is affecting America's working class
Energy Secretary Jennifer Granholm blames OPEC+ for high crude prices
California’s is transitioning away from oil at a faster rate than most states, and looks unlikely to stop any time soon
California Is Aggressively Pursuing A Future Without Oil
California’s oil industry provides a major source of revenue for the state and creates a huge number of jobs, but that won’t stop the state’s governor from phasing it out
Have Oil Markets Suddenly Turned Bearish?
Have Oil Markets Suddenly Turned Bearish?
Oil and gas prices have seen a bit of a correction over the last few days
Implied crude demand fell w/w for all products except jet fuel, with the key mismatch being between total crude inventories and inventories at the WTI pricing hub in Cushing, Oklahoma
Without a significant uptick in investment, demand for oil and gas will surpass supply in the not-so-distant future
A Global Oil Shortage Is Inevitable
While oil and gas companies come under pressure to reduce production, the world’s thirst for new supply is only growing
OPEC+ is adding 400,000 bpd to its combined output every month
Saudi Oil Minister: OPEC+ Shouldn't Rush To Boost Production
Saudi Oil Minister: OPEC+ needs to remain cautious with its approach to oil production adjustments despite rising prices
Permian Basin production costs are expected to rise by 10 to 15 percent in the coming year.
Oilfield Service Companies Can’t Catch A Break
Though the global energy crunch is not impacting the United States as much as its European and Asian counterparts, it will have an impact on Permian producers.
Canada is facing resistance from all sides, with its pipelines to the U.S. coming under pressure from state governors and Justin Trudeau determined to transition away from fossil fuels
Canada’s Oil Industry Is Facing Resistance On All Fronts
The IEA has predicted that Canada’s oil production will begin to decline at the end of this decade, but not before the country increases its production by up to 700,000 bpd
Oil Rebounds On Surprise Crude Inventory Draw
Oil Rebounds On Surprise Crude Inventory Draw
Crude inventories fell by 400,000 barrels.Gasoline production rose last week, while inventories continue to fall.Middle distillate production fell slightly along with inventories.
Permian Oil Output Close To Pre-Pandemic LevelPermian Oil Output Close To Pre-Pandemic Level
Permian Oil Output Close To Pre-Pandemic Level
Crude oil production in the Permian has climbed closer to pre-pandemic levels, according to the latest drilling productivity report of the Energy Information Administration.
Both oil prices and natural gas prices are significantly higher than where they were this time last year, and earnings should reflect that
Excitement Builds As Big Oil Prepares To Release Earnings
▶After a disastrous 2020, oil majors have now well and truly recovered and analysts expect an impressive earnings season this quarter
OPEC+ Under Produces Quota Despite Calls For More Oil
OPEC+ Under Produces Quota Despite Calls For More Oil
The OPEC+ group saw its overall compliance with the collective oil production cuts at 115 percent in September, a delegate told Argus on Monday, down from the 116-percent compliance in August, but still higher than the market had hoped, with some members of the alliance failing to ramp up production in line with their quotas.

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