The Energy Crisis Is Sending Oil, Gas, And Coal Prices Soaring
The Energy Crisis Is Sending Oil, Gas, And Coal Prices Soaring
The European energy crisis is going global as the lack of natural gas supply begins to influence oil and coal markets.
2021/09/28 18:46
Hess: Massive Underinvestment In New Production Is A Major Wildcard For Oil
Hess: Massive Underinvestment In New Production Is A Major Wildcard For Oil
The oil industry is “massively underinvesting” in supply to meet growing demand, which is set to return to pre-COVID levels as soon as the end of 2021 or early 2022, Greg Hill, president of U.S. oil producer Hess Corp, said on Monday.
2021/09/28 18:42
Nigeria Doubles Down On Oil After Years Of Trouble
Nigeria Doubles Down On Oil After Years Of Trouble
After months of stalling because of Covid restrictions and OPEC cuts, as well as significant international criticism over misplaced funds, Nigeria appears to be optimistic about the future of its faltering oil industry in a time when few others are.
2021/09/27 15:42
Syncrude has cut its bitumen production for this month due to a mechanical disruption. which will likely contribute to a price rising.
Crude Prices Jump On Oil Sands Outages
Syncrude has cut its bitumen production for this month due to a mechanical disruption.
This will likely contribute to a price rally in oil sparked by demand worries and tight supply as much of U.S. Gulf of Mexico production remains offline in the wake of Hurricane Ida, which at one point shut down more than 95 percent of Gulf oil output.
2021/09/24 19:39
Arctic oil and gas drilling is enjoying strong interest—and not just from Russian companies—despite the political rush to transform the world’s energy systems and remove fossil fuels from them.
Arctic Oil Is Booming Despite Strong Opposition
Arctic oil and gas drilling is enjoying strong interest—and not just from Russian companies—despite the political rush to transform the world’s energy systems and remove fossil fuels from them.
2021/09/24 19:32
Colombia has been a violence riven country that has been a major hub in the global cocaine trade and it's one of Latin America’s largest oil producers.
Cocaine And Crime Are Amplifying Colombia’s Crude Oil Crisis
For as long as many people remember Colombia has been a violence riven country that has been a major hub in the global cocaine trade. What many people do not realize is that Colombia is one of Latin America’s largest oil producers. For the first seven months of 2021, Colombia pumped an average of 730,015 barrels per day, ranking it as the region’s third largest producer behind Mexico and then Brazil.
2021/09/24 19:25
International companies are starting to give up on Venezuela
International Oil Companies Are Giving Up On Venezuela
Despite huge oil reserves waiting to be tapped, the ongoing sanctions on Venezuelan oil and the current state of politics and the economy are driving international oil majors away from the Venezuelan energy market.
2021/09/24 19:21
Russia’s Prime Minister Urges Country To Prepare For Post-Oil Era
Russia’s Prime Minister Urges Country To Prepare For Post-Oil Era
Russia must start getting used to lower oil, gas, and coal use in the future, Prime Minister Mikhail Mishustin told Russian media, adding that the government will approve a plan for adjusting Russia's economy to the global energy transition by the end of the year, TASS has reported.
2021/09/23 17:57
Chevron CEO: Oil Prices To Remain Higher For Longer
Chevron CEO: Oil Prices To Remain Higher For Longer
Global oil and gas prices will remain higher for longer as companies resist the urge to ramp up production, the chief executive of Chevron, Mike Wirth told Bloomberg in an interview.

2021/09/17 19:31
IEA Sees Robust Oil Demand In October
IEA Sees Robust Oil Demand In October
Global oil demand is set to rebound with a 1.6-million-bpd jump in October and continue rising through the end of the year, the International Energy Agency (IEA) said on Tuesday.
2021/09/15 14:19
China's Historic Decision To Stop Hoarding Oil
China's Historic Decision To Stop Hoarding Oil
For a long time, China’s energy policy has centered around one primary and pressing goal: to establish energy security. As the biggest importer and second-biggest consumer of oil in the world, China is extremely dependent on international markets to keep the lights on and the gears of industry turning. In 2019, a whopping 72% of all crude oil consumed in China was imported. This is a dynamic that makes Beijing uncomfortable, to say the least, and President Xi Jinping’s administration has been hard at work trying to shore up a greater degree of energy independence.
2021/09/15 14:11
The Next South American Oil Giant
The Next South American Oil Giant
The COVID pandemic has wreaked considerable damage on the economies of South America’s smaller fiscally fragile countries, with the former Dutch colony of Suriname hit especially hard.
2021/09/15 13:52
The Energy Crisis Is Sending Oil, Gas, And Coal Prices Soaring
The Energy Crisis Is Sending Oil, Gas, And Coal Prices Soaring
The European energy crisis is going global as the lack of natural gas supply begins to influence oil and coal markets.
Hess: Massive Underinvestment In New Production Is A Major Wildcard For Oil
Hess: Massive Underinvestment In New Production Is A Major Wildcard For Oil
The oil industry is “massively underinvesting” in supply to meet growing demand, which is set to return to pre-COVID levels as soon as the end of 2021 or early 2022, Greg Hill, president of U.S. oil producer Hess Corp, said on Monday.
Nigeria Doubles Down On Oil After Years Of Trouble
Nigeria Doubles Down On Oil After Years Of Trouble
After months of stalling because of Covid restrictions and OPEC cuts, as well as significant international criticism over misplaced funds, Nigeria appears to be optimistic about the future of its faltering oil industry in a time when few others are.
Syncrude has cut its bitumen production for this month due to a mechanical disruption. which will likely contribute to a price rising.
Crude Prices Jump On Oil Sands Outages
Syncrude has cut its bitumen production for this month due to a mechanical disruption.
This will likely contribute to a price rally in oil sparked by demand worries and tight supply as much of U.S. Gulf of Mexico production remains offline in the wake of Hurricane Ida, which at one point shut down more than 95 percent of Gulf oil output.
Arctic oil and gas drilling is enjoying strong interest—and not just from Russian companies—despite the political rush to transform the world’s energy systems and remove fossil fuels from them.
Arctic Oil Is Booming Despite Strong Opposition
Arctic oil and gas drilling is enjoying strong interest—and not just from Russian companies—despite the political rush to transform the world’s energy systems and remove fossil fuels from them.
Colombia has been a violence riven country that has been a major hub in the global cocaine trade and it's one of Latin America’s largest oil producers.
Cocaine And Crime Are Amplifying Colombia’s Crude Oil Crisis
For as long as many people remember Colombia has been a violence riven country that has been a major hub in the global cocaine trade. What many people do not realize is that Colombia is one of Latin America’s largest oil producers. For the first seven months of 2021, Colombia pumped an average of 730,015 barrels per day, ranking it as the region’s third largest producer behind Mexico and then Brazil.
International companies are starting to give up on Venezuela
International Oil Companies Are Giving Up On Venezuela
Despite huge oil reserves waiting to be tapped, the ongoing sanctions on Venezuelan oil and the current state of politics and the economy are driving international oil majors away from the Venezuelan energy market.
Russia’s Prime Minister Urges Country To Prepare For Post-Oil Era
Russia’s Prime Minister Urges Country To Prepare For Post-Oil Era
Russia must start getting used to lower oil, gas, and coal use in the future, Prime Minister Mikhail Mishustin told Russian media, adding that the government will approve a plan for adjusting Russia's economy to the global energy transition by the end of the year, TASS has reported.
Chevron CEO: Oil Prices To Remain Higher For Longer
Chevron CEO: Oil Prices To Remain Higher For Longer
Global oil and gas prices will remain higher for longer as companies resist the urge to ramp up production, the chief executive of Chevron, Mike Wirth told Bloomberg in an interview.

IEA Sees Robust Oil Demand In October
IEA Sees Robust Oil Demand In October
Global oil demand is set to rebound with a 1.6-million-bpd jump in October and continue rising through the end of the year, the International Energy Agency (IEA) said on Tuesday.
China's Historic Decision To Stop Hoarding Oil
China's Historic Decision To Stop Hoarding Oil
For a long time, China’s energy policy has centered around one primary and pressing goal: to establish energy security. As the biggest importer and second-biggest consumer of oil in the world, China is extremely dependent on international markets to keep the lights on and the gears of industry turning. In 2019, a whopping 72% of all crude oil consumed in China was imported. This is a dynamic that makes Beijing uncomfortable, to say the least, and President Xi Jinping’s administration has been hard at work trying to shore up a greater degree of energy independence.
The Next South American Oil Giant
The Next South American Oil Giant
The COVID pandemic has wreaked considerable damage on the economies of South America’s smaller fiscally fragile countries, with the former Dutch colony of Suriname hit especially hard.

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