China was going to release some crude oil from its strategic petroleum reserve and sell it last week
China’s Oil Sale Is A Clear Message To OPEC+
China made headlines last week with the news that it was going to release some crude oil from its strategic petroleum reserve and sell it in a move that Bloomberg called "an unprecedented intervention."
Indeed, this was the first time China announced the sale of oil from its strategic reserve. The size of this reserve is unknown as the government never releases that data, but analysts have been using satellite imaging to estimate just how much oil China has in storage.
2021/09/15 13:43
Why Bitcoin Miners Are Setting Up Shop In Texas Oilfields
Why Bitcoin Miners Are Setting Up Shop In Texas Oilfields
Politicians, environmentalists, economists, and energy executives are all puzzled over a compounding conundrum: what’s to be done about Bitcoin? Just this week, El Salvador became the first country in the world to validate Bitcoin as a legal tender, to initially disastrous results. The once-fringe cryptocurrency and its acolytes have the potential to massively disrupt commerce as we know it -- and they could very well disrupt the global campaign against catastrophic climate change while they’re at it.
2021/09/11 08:33
OPEC May Cut 2022 Oil Demand Forecast
OPEC May Cut 2022 Oil Demand Forecast
OPEC could revise down its forecasts for global oil demand in 2022, in view of the increased uncertainty with the Delta variant, two OPEC+ sources told Reuters on Friday.
2021/09/11 08:27
Brazil Looks To Become A Top-5 Oil Producer
Brazil Looks To Become A Top-5 Oil Producer
In a little over a decade Latin America’s largest economy Brazil has become a leading global oil producer. At the end of 2020, Brazil was not only pumping the most oil in Latin America, an average of 3.03 million barrels daily, but finished ranked as the world’s seventh largest producer behind OPEC member Iraq and ahead of the United Arab Emirates. According to Brazil’s Mines and Energy Minister Bento Albuquerque, Latin America’s top oil producer will become the world’s fifth-largest petroleum exporter by the end of this decade. Brazil’s government is forecasting that the country will be pumping 5.3 million barrels of oil per day by 2030 facilitating its ability to substantially boost exports. That is compared to an average of 3.05 million barrels of crude oil and condensate production per day for July 2021 and an average of 2.94 million for the first seven months of 2021. This indicates that there is still considerable work to be completed if Brazil is to achieve such an ambitious target.
2021/09/11 08:16
World’s Third-Largest Oil Importer Sees Rebound In Demand
World’s Third-Largest Oil Importer Sees Rebound In Demand
India's crude oil demand has been on the mend since mid-summer. It is likely to continue along this same vein for quite a while, with at least one refiner planning to boost refining capacity considerably.
2021/09/08 13:47
India’s ONGC May Buy Stake In Rosneft’s Massive Arctic Oil Project
India’s ONGC May Buy Stake In Rosneft’s Massive Arctic Oil Project
A consortium of Indian energy companies—including state major ONGC—is in early talks with Rosneft for the acquisition of a stake in the Russian state company’s massive Vostok oil project, the Economic Times reported, citing unnamed sources.
2021/09/06 08:52
3 Distinct Futures For The Oil Industry
3 Distinct Futures For The Oil Industry
3 Distinct Futures For The Oil Industry:Clean energy transition;Independent E&P Investments.
2021/09/01 14:03
OPEC+ Sees Oil Markets Tightening This Fall
Despite the COVID resurgence, the oil market will become increasingly tight this year, OPEC+ estimates show, but as the group continues to ease the production cuts into next year, the balance will tip into surplus again in 2022.
2021/09/01 13:56
Chinese Buyers Ramp Up Crude Oil Purchases
Chinese Buyers Ramp Up Crude Oil Purchases
After several months of slowdowns in spot market oil cargo buys, Chinese importers are once again boosting their purchases, Reuters reports, citing traders and analysts.
2021/09/01 13:49
Chinese Oil Major Sinopec Announces Oil, Gas Discovery
Chinese Oil Major Sinopec Announces Oil, Gas Discovery
China’s state-owned oil and gas major Sinopec has struck oil and gas at a field in the northwestern province of Xinjiang, Reuters reports, adding that the reserves at the field are estimated at some 100 million tons.
2021/08/28 13:57
The Future Of Oil Is Offshore
The Future Of Oil Is Offshore
Brazil and its tiny neighbors Guyana and Suriname have recently risen to prominence with major oil discoveries despite what most would see as an unfavorable environment—the energy transition seems to be moving ahead at full speed and oil’s days should be numbered. Only they aren’t. And the future of oil appears to be offshore.
2021/08/27 10:03
China And Iran Zero-In On Oman’s Massive New Oil Storage Project
China And Iran Zero-In On Oman’s Massive New Oil Storage Project
Oman occupies a strategically vital position in the geography of the Middle East, possessing long coastlines along the Gulf of Oman and along the Arabian Sea, away from the extremely politically sensitive Strait of Hormuz.
2021/08/26 18:26
China was going to release some crude oil from its strategic petroleum reserve and sell it last week
China’s Oil Sale Is A Clear Message To OPEC+
China made headlines last week with the news that it was going to release some crude oil from its strategic petroleum reserve and sell it in a move that Bloomberg called "an unprecedented intervention."
Indeed, this was the first time China announced the sale of oil from its strategic reserve. The size of this reserve is unknown as the government never releases that data, but analysts have been using satellite imaging to estimate just how much oil China has in storage.
Why Bitcoin Miners Are Setting Up Shop In Texas Oilfields
Why Bitcoin Miners Are Setting Up Shop In Texas Oilfields
Politicians, environmentalists, economists, and energy executives are all puzzled over a compounding conundrum: what’s to be done about Bitcoin? Just this week, El Salvador became the first country in the world to validate Bitcoin as a legal tender, to initially disastrous results. The once-fringe cryptocurrency and its acolytes have the potential to massively disrupt commerce as we know it -- and they could very well disrupt the global campaign against catastrophic climate change while they’re at it.
OPEC May Cut 2022 Oil Demand Forecast
OPEC May Cut 2022 Oil Demand Forecast
OPEC could revise down its forecasts for global oil demand in 2022, in view of the increased uncertainty with the Delta variant, two OPEC+ sources told Reuters on Friday.
Brazil Looks To Become A Top-5 Oil Producer
Brazil Looks To Become A Top-5 Oil Producer
In a little over a decade Latin America’s largest economy Brazil has become a leading global oil producer. At the end of 2020, Brazil was not only pumping the most oil in Latin America, an average of 3.03 million barrels daily, but finished ranked as the world’s seventh largest producer behind OPEC member Iraq and ahead of the United Arab Emirates. According to Brazil’s Mines and Energy Minister Bento Albuquerque, Latin America’s top oil producer will become the world’s fifth-largest petroleum exporter by the end of this decade. Brazil’s government is forecasting that the country will be pumping 5.3 million barrels of oil per day by 2030 facilitating its ability to substantially boost exports. That is compared to an average of 3.05 million barrels of crude oil and condensate production per day for July 2021 and an average of 2.94 million for the first seven months of 2021. This indicates that there is still considerable work to be completed if Brazil is to achieve such an ambitious target.
World’s Third-Largest Oil Importer Sees Rebound In Demand
World’s Third-Largest Oil Importer Sees Rebound In Demand
India's crude oil demand has been on the mend since mid-summer. It is likely to continue along this same vein for quite a while, with at least one refiner planning to boost refining capacity considerably.
India’s ONGC May Buy Stake In Rosneft’s Massive Arctic Oil Project
India’s ONGC May Buy Stake In Rosneft’s Massive Arctic Oil Project
A consortium of Indian energy companies—including state major ONGC—is in early talks with Rosneft for the acquisition of a stake in the Russian state company’s massive Vostok oil project, the Economic Times reported, citing unnamed sources.
3 Distinct Futures For The Oil Industry
3 Distinct Futures For The Oil Industry
3 Distinct Futures For The Oil Industry:Clean energy transition;Independent E&P Investments.
OPEC+ Sees Oil Markets Tightening This Fall
Despite the COVID resurgence, the oil market will become increasingly tight this year, OPEC+ estimates show, but as the group continues to ease the production cuts into next year, the balance will tip into surplus again in 2022.
Chinese Buyers Ramp Up Crude Oil Purchases
Chinese Buyers Ramp Up Crude Oil Purchases
After several months of slowdowns in spot market oil cargo buys, Chinese importers are once again boosting their purchases, Reuters reports, citing traders and analysts.
Chinese Oil Major Sinopec Announces Oil, Gas Discovery
Chinese Oil Major Sinopec Announces Oil, Gas Discovery
China’s state-owned oil and gas major Sinopec has struck oil and gas at a field in the northwestern province of Xinjiang, Reuters reports, adding that the reserves at the field are estimated at some 100 million tons.
The Future Of Oil Is Offshore
The Future Of Oil Is Offshore
Brazil and its tiny neighbors Guyana and Suriname have recently risen to prominence with major oil discoveries despite what most would see as an unfavorable environment—the energy transition seems to be moving ahead at full speed and oil’s days should be numbered. Only they aren’t. And the future of oil appears to be offshore.
China And Iran Zero-In On Oman’s Massive New Oil Storage Project
China And Iran Zero-In On Oman’s Massive New Oil Storage Project
Oman occupies a strategically vital position in the geography of the Middle East, possessing long coastlines along the Gulf of Oman and along the Arabian Sea, away from the extremely politically sensitive Strait of Hormuz.

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