The phasing out of Urals crude in Europe has led to higher premiums for similar crude grades.
Low-Quality Crude Sees Mysterious Price Rally
Bloomberg: Middle Eastern oil producers are raising the export prices for their lower-grade crudes.
The phasing out of Urals crude in Europe has led to higher premiums for similar crude grades.
Some relief for European refiners came from the U.S., whose oil exports to Europe were set to reach a record in March at around 2 million barrels daily.
2023/05/11 17:53
With a third of the year gone, it looks like U.S. oil production is on track to set a new annual production record in 2023.
U.S. Oil Production On Track To Hit A Record High This Year
With a third of the year gone, it looks like U.S. oil production is on track to set a new annual production record in 2023.
The previous record was set in 2019 at 12.3 million barrels per day, with the EIA's current estimate for this year at 12.4 million barrels per day.
While U.S. production is currently on track to set a new record, it is far from a certainty given the current oil market.
2023/05/04 17:50
Private investment is growing in Mexico's oil and gas sector, despite nationalisation policies.
Private Investment Boosts Mexico's Oil And Gas Sector
Private investment is growing in Mexico's oil and gas sector, despite nationalisation policies.
Recent developments demonstrated potential for Mexico's oil and gas industry, including new refinery projects, increasing condensate production, and offshore oil discoveries.
Pemex's plans to boost offshore oil production, coupled with Eni's optimistic outlook on the region, indicate a positive future for Mexico's energy industry.
2023/04/28 17:46
Russia's crude oil sales to China surged to its historic high in March.
Chinese Refiners Snap Up Discounted ESPO And Urals Crudes
Russia's crude oil sales to China surged to its historic high in March.
Chinese refiners purchased discounted ESPO and Urals crudes from Russia.
Saudi Arabia still trails Russia in crude oil supply to China despite a 30% increase in March compared to the previous year.
2023/04/21 17:43
New Canadian Pipeline To Boost Oil Prospects
New Canadian Pipeline To Boost Oil Prospects
Canadian oil industry's new hope is the Trans Mountain conduit which is set to begin operating next year.
The pipeline expansion will help Canada increase its pipeline capacity, overcome constraints and open new markets in Asia, improving price for crude.
The pipeline will transport around two times as much oil as previously, with capacity at 890,000 bpd, and it is expected to reinvigorate the industry and boost oil prospects.
2023/04/14 17:40
Hedge Funds Are Still Bearish On Oil But Bulls Are Gaining Steam
Hedge Funds Are Still Bearish On Oil But Bulls Are Gaining Steam
Standard Chartered: a large oil surplus started building in late 2022 and spilled over into the first quarter of the current year.
U.S. gasoline inventories are hovering near an eight-year low in March.
The demand element of the data has also become stronger, with the four-week average of the demand bull-bear sub-index turning positive.
2023/04/07 17:37
Oil Rallies On Large Crude Draw
Oil Rallies On Large Crude Draw
Oil prices ticked up today, after the U.S. Energy Information Administration reported a crude oil inventory draw of 7.5 million barrels for the week to March 21.
2023/03/31 17:34
Oil Rig Count Inches Higher As WTI Holds Below $70
Oil Rig Count Inches Higher As WTI Holds Below $70
The total number of total active drilling rigs in the United States rose by 4 this week, according to new data from Baker Hughes published on Friday.

2023/03/24 17:31
Ban On IOCs In Iraqi Kurdistan May Be Lifted
IOCs had effectively been banned from operating in both the north and the south of Iraq.
The deal between Baghdad and the KRG about oil sales and its proceeds has not worked out as it should.
The FGI’s reinvigorated toughness last year on the KRG’s independent sale of oil from the north indicates that Russian companies lost influence.
2023/03/16 17:26
Why Energy May Start To Follow Other Stocks
Why Energy May Start To Follow Other Stocks & Why That Isn’t Good News
As the Fed and other central banks around the world have raised rates, some areas of the stock market have posted big losses. Tech, for example, and anything to do with the worlds of crypto and the blockchain were hit hard at the end of last year, and while there has been some kind of a bounce in the early part of this year, even that is looking suspect now after this week’s acceptance by Fed Chair Jerome Powell that “higher for longer” is now expected.
2023/03/10 17:22
Exports of crude oil from the United States have surged since Russia invaded Ukraine last year.
U.S. Oil Exports May Be Rising But Production Isn’t
Exports of crude oil from the United States have surged since Russia invaded Ukraine last year.
The U.S. oil industry will see lower production growth this year and next before a potential return to stronger growth as prices rise.
With natural depletion, then, the cost of drilling increases and is added to already higher costs of equipment, services, and materials that are the result of global inflationary trends.
2023/03/03 17:16
The U.S. shale revolution had a profound impact on global politics.
How U.S. Shale Changed The Face Of Global Politics
The early days of the U.S. shale boom were characterized by innovation-driven disruption throughout an industry that had changed very little over time.
Fracking technology unlocked unfathomable reserves in the oil and gas realm.
The U.S. shale revolution had a profound impact on global politics.
2023/02/28 17:09
The phasing out of Urals crude in Europe has led to higher premiums for similar crude grades.
Low-Quality Crude Sees Mysterious Price Rally
Bloomberg: Middle Eastern oil producers are raising the export prices for their lower-grade crudes.
The phasing out of Urals crude in Europe has led to higher premiums for similar crude grades.
Some relief for European refiners came from the U.S., whose oil exports to Europe were set to reach a record in March at around 2 million barrels daily.
With a third of the year gone, it looks like U.S. oil production is on track to set a new annual production record in 2023.
U.S. Oil Production On Track To Hit A Record High This Year
With a third of the year gone, it looks like U.S. oil production is on track to set a new annual production record in 2023.
The previous record was set in 2019 at 12.3 million barrels per day, with the EIA's current estimate for this year at 12.4 million barrels per day.
While U.S. production is currently on track to set a new record, it is far from a certainty given the current oil market.
Private investment is growing in Mexico's oil and gas sector, despite nationalisation policies.
Private Investment Boosts Mexico's Oil And Gas Sector
Private investment is growing in Mexico's oil and gas sector, despite nationalisation policies.
Recent developments demonstrated potential for Mexico's oil and gas industry, including new refinery projects, increasing condensate production, and offshore oil discoveries.
Pemex's plans to boost offshore oil production, coupled with Eni's optimistic outlook on the region, indicate a positive future for Mexico's energy industry.
Russia's crude oil sales to China surged to its historic high in March.
Chinese Refiners Snap Up Discounted ESPO And Urals Crudes
Russia's crude oil sales to China surged to its historic high in March.
Chinese refiners purchased discounted ESPO and Urals crudes from Russia.
Saudi Arabia still trails Russia in crude oil supply to China despite a 30% increase in March compared to the previous year.
New Canadian Pipeline To Boost Oil Prospects
New Canadian Pipeline To Boost Oil Prospects
Canadian oil industry's new hope is the Trans Mountain conduit which is set to begin operating next year.
The pipeline expansion will help Canada increase its pipeline capacity, overcome constraints and open new markets in Asia, improving price for crude.
The pipeline will transport around two times as much oil as previously, with capacity at 890,000 bpd, and it is expected to reinvigorate the industry and boost oil prospects.
Hedge Funds Are Still Bearish On Oil But Bulls Are Gaining Steam
Hedge Funds Are Still Bearish On Oil But Bulls Are Gaining Steam
Standard Chartered: a large oil surplus started building in late 2022 and spilled over into the first quarter of the current year.
U.S. gasoline inventories are hovering near an eight-year low in March.
The demand element of the data has also become stronger, with the four-week average of the demand bull-bear sub-index turning positive.
Oil Rallies On Large Crude Draw
Oil Rallies On Large Crude Draw
Oil prices ticked up today, after the U.S. Energy Information Administration reported a crude oil inventory draw of 7.5 million barrels for the week to March 21.
Oil Rig Count Inches Higher As WTI Holds Below $70
Oil Rig Count Inches Higher As WTI Holds Below $70
The total number of total active drilling rigs in the United States rose by 4 this week, according to new data from Baker Hughes published on Friday.

Ban On IOCs In Iraqi Kurdistan May Be Lifted
IOCs had effectively been banned from operating in both the north and the south of Iraq.
The deal between Baghdad and the KRG about oil sales and its proceeds has not worked out as it should.
The FGI’s reinvigorated toughness last year on the KRG’s independent sale of oil from the north indicates that Russian companies lost influence.
Why Energy May Start To Follow Other Stocks
Why Energy May Start To Follow Other Stocks & Why That Isn’t Good News
As the Fed and other central banks around the world have raised rates, some areas of the stock market have posted big losses. Tech, for example, and anything to do with the worlds of crypto and the blockchain were hit hard at the end of last year, and while there has been some kind of a bounce in the early part of this year, even that is looking suspect now after this week’s acceptance by Fed Chair Jerome Powell that “higher for longer” is now expected.
Exports of crude oil from the United States have surged since Russia invaded Ukraine last year.
U.S. Oil Exports May Be Rising But Production Isn’t
Exports of crude oil from the United States have surged since Russia invaded Ukraine last year.
The U.S. oil industry will see lower production growth this year and next before a potential return to stronger growth as prices rise.
With natural depletion, then, the cost of drilling increases and is added to already higher costs of equipment, services, and materials that are the result of global inflationary trends.
The U.S. shale revolution had a profound impact on global politics.
How U.S. Shale Changed The Face Of Global Politics
The early days of the U.S. shale boom were characterized by innovation-driven disruption throughout an industry that had changed very little over time.
Fracking technology unlocked unfathomable reserves in the oil and gas realm.
The U.S. shale revolution had a profound impact on global politics.

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