China’s Crude Oil Imports Expected To Hit A Record High In 2023
China’s Crude Oil Imports Expected To Hit A Record High In 2023
Chinese crude oil imports could increase to an average as high as 11.8 million barrels per day.
Reuters: Chinese refineries are raising utilization rates due to lower-cost crude and a surge in demand after the reopening.
China will also see this year the start-up of two new refineries with a combined capacity to process 520,000 bpd of crude.
2023/02/22 08:38
Russia And India Boost Energy Ties
Russia And India Boost Energy Ties
Before the invasion of Ukraine, India was a small marginal buyer of Russian crude oil.
Indian and Russian top energy executives are bolstering their energy ties this week at the India Energy Week.
India’s imports of Russian crude oil are estimated to have hit a record high of 1.2 million barrels per day in December.
2023/02/09 19:20
Venzuela is scrambling to capitalize on the global oil shortage, but it’s just not happening.
Venezuela Is Scrambling To Make The Most Of The Global Oil Shortage
Venzuela is scrambling to capitalize on the global oil shortage, but it’s just not happening.
Despite easing sanctions, the Maduro regime is struggling to ramp up production.
There has been around a month-long pause on crude and fuel exports, as PDVSA demands prepayment ahead of loading cargo, either with cash, goods, or services.
2023/02/04 10:12
Guyana’s Oil Industry Is In For A Stellar Year
Guyana’s Oil Industry Is In For A Stellar Year
Offshore Guyana, in as little as seven years, has emerged as the world’s hottest frontier oil play.
Guyana’s appeal to energy investors is bolstered by favorable geology, growing petroleum infrastructure and low breakeven prices.
Guyana’s oil auction is attracting considerable interest with major energy companies from Asia to Europe reviewing the opportunities available.
2023/01/28 18:38
Barclays Sees $15-$25 Barrel Downside If Manufacturing Activity Slows
Barclays Sees $15-$25 Barrel Downside If Manufacturing Activity Slows
Barclays: slowdown in global manufacturing activity could lead to increased downside for crude prices.
Barclays sees an estimated decline in Russia’s liquids output of 700,000 bpd from Q4 2023 to Q4 2024.
Barclays also isn’t writing off a potential boost in demand from China’s reopening.
2023/01/11 11:10
West Qurna 2 is operated by Russia's Lukoil.
One Of The World'sOne Of The World's Largest Oilfields Faces Delays In Development Largest Oilfields Faces Delays In Development
Middle East Business Intelligence: West Qurna 2 faces delays.
West Qurna 2 is operated by Russia's Lukoil.
Work on the next development phase of the giant oilfield was supposed to be completed by the end of this year.
2023/01/06 15:48
Where To Look For Unrealized Value In Oil Markets
Where To Look For Unrealized Value In Oil Markets
Today we’re offering a free glimpse into our monthly Global Energy Alert stock analysis. This report is written by David Messler, one of the top traders in the biz. He’s got a knack for picking winners and a keen eye for spotting ‘em before anyone else. Below, he breaks down two key oilfield service opportunities you’ll want to keep an eye on.
2022/12/28 14:46
Peru’s promising petroleum potential is being threatened as a political crisis embroils the country.
Peru’s Political Crisis Is Weighing On Its Energy Industry
Peru’s promising petroleum potential is being threatened as a political crisis embroils the country.
Peru’s oil production has declined sharply since the 1990s, with nearby Colombia and Ecuador garnering the energy investment once destined for the impoverished Andean country.
With fossil fuels providing 72% of all energy used in Peru, it is key for the national government to promote the development of the hydrocarbon sector to prevent an energy crisis.
2022/12/28 14:39
As central banks around the world hike interest rates, global economic growth is slowing, which will ultimately lead to a slowdown in India’s energy demand growth.
India’s Oil And Gas Demand Could Disappoint In 2023
In recent years India has been a key driver of global energy demand growth, helping to push both oil and gas prices higher.
As central banks around the world hike interest rates, global economic growth is slowing, which will ultimately lead to a slowdown in India’s energy demand growth.
While India may see a slowdown in oil and gas demand next year, its growing transportation sector will drive plenty of demand growth in the future.
2022/12/28 14:34
Europe Can’t Count On U.S. Shale To Make Up For Russian Crude
Europe Can’t Count On U.S. Shale To Make Up For Russian Crude
EU crude imports from Russia are set to plunge after the import ban of seaborne crude oil on December 5th.
Oil production growth in the U.S. is flattening for a number of reasons.
U.S. crude exports to the EU can only replace a small portion of Russian/OPEC crude.
2022/12/06 18:45
Cocaine Conflict Is Causing A Crisis For Colombia’s Oil Industry
Cocaine Conflict Is Causing A Crisis For Colombia’s Oil Industry
Colombia’s oil industry is facing multiple headwinds, including higher taxes, plans to end exploration, and its crude reserves running out.
Perhaps the largest headwind is the violence associated with the country’s cocaine trade, as its largest oil-producing areas are also coca-cultivating regions
In Colombia, oil is responsible for 3% of the gross domestic product, 12% of national income, a third of foreign investment, and 34% of total exports by value.
2022/12/02 17:10
Oil Prices Extend Losses After EIA Inventory Data Release
Oil Prices Extend Losses After EIA Inventory Data Release
Crude oil prices fell today, even after the U.S. Energy Information Administration reported inventories of oil had shed 3.7 million barrels over the week to November 18.
2022/11/26 17:16
China’s Crude Oil Imports Expected To Hit A Record High In 2023
China’s Crude Oil Imports Expected To Hit A Record High In 2023
Chinese crude oil imports could increase to an average as high as 11.8 million barrels per day.
Reuters: Chinese refineries are raising utilization rates due to lower-cost crude and a surge in demand after the reopening.
China will also see this year the start-up of two new refineries with a combined capacity to process 520,000 bpd of crude.
Russia And India Boost Energy Ties
Russia And India Boost Energy Ties
Before the invasion of Ukraine, India was a small marginal buyer of Russian crude oil.
Indian and Russian top energy executives are bolstering their energy ties this week at the India Energy Week.
India’s imports of Russian crude oil are estimated to have hit a record high of 1.2 million barrels per day in December.
Venzuela is scrambling to capitalize on the global oil shortage, but it’s just not happening.
Venezuela Is Scrambling To Make The Most Of The Global Oil Shortage
Venzuela is scrambling to capitalize on the global oil shortage, but it’s just not happening.
Despite easing sanctions, the Maduro regime is struggling to ramp up production.
There has been around a month-long pause on crude and fuel exports, as PDVSA demands prepayment ahead of loading cargo, either with cash, goods, or services.
Guyana’s Oil Industry Is In For A Stellar Year
Guyana’s Oil Industry Is In For A Stellar Year
Offshore Guyana, in as little as seven years, has emerged as the world’s hottest frontier oil play.
Guyana’s appeal to energy investors is bolstered by favorable geology, growing petroleum infrastructure and low breakeven prices.
Guyana’s oil auction is attracting considerable interest with major energy companies from Asia to Europe reviewing the opportunities available.
Barclays Sees $15-$25 Barrel Downside If Manufacturing Activity Slows
Barclays Sees $15-$25 Barrel Downside If Manufacturing Activity Slows
Barclays: slowdown in global manufacturing activity could lead to increased downside for crude prices.
Barclays sees an estimated decline in Russia’s liquids output of 700,000 bpd from Q4 2023 to Q4 2024.
Barclays also isn’t writing off a potential boost in demand from China’s reopening.
West Qurna 2 is operated by Russia's Lukoil.
One Of The World'sOne Of The World's Largest Oilfields Faces Delays In Development Largest Oilfields Faces Delays In Development
Middle East Business Intelligence: West Qurna 2 faces delays.
West Qurna 2 is operated by Russia's Lukoil.
Work on the next development phase of the giant oilfield was supposed to be completed by the end of this year.
Where To Look For Unrealized Value In Oil Markets
Where To Look For Unrealized Value In Oil Markets
Today we’re offering a free glimpse into our monthly Global Energy Alert stock analysis. This report is written by David Messler, one of the top traders in the biz. He’s got a knack for picking winners and a keen eye for spotting ‘em before anyone else. Below, he breaks down two key oilfield service opportunities you’ll want to keep an eye on.
Peru’s promising petroleum potential is being threatened as a political crisis embroils the country.
Peru’s Political Crisis Is Weighing On Its Energy Industry
Peru’s promising petroleum potential is being threatened as a political crisis embroils the country.
Peru’s oil production has declined sharply since the 1990s, with nearby Colombia and Ecuador garnering the energy investment once destined for the impoverished Andean country.
With fossil fuels providing 72% of all energy used in Peru, it is key for the national government to promote the development of the hydrocarbon sector to prevent an energy crisis.
As central banks around the world hike interest rates, global economic growth is slowing, which will ultimately lead to a slowdown in India’s energy demand growth.
India’s Oil And Gas Demand Could Disappoint In 2023
In recent years India has been a key driver of global energy demand growth, helping to push both oil and gas prices higher.
As central banks around the world hike interest rates, global economic growth is slowing, which will ultimately lead to a slowdown in India’s energy demand growth.
While India may see a slowdown in oil and gas demand next year, its growing transportation sector will drive plenty of demand growth in the future.
Europe Can’t Count On U.S. Shale To Make Up For Russian Crude
Europe Can’t Count On U.S. Shale To Make Up For Russian Crude
EU crude imports from Russia are set to plunge after the import ban of seaborne crude oil on December 5th.
Oil production growth in the U.S. is flattening for a number of reasons.
U.S. crude exports to the EU can only replace a small portion of Russian/OPEC crude.
Cocaine Conflict Is Causing A Crisis For Colombia’s Oil Industry
Cocaine Conflict Is Causing A Crisis For Colombia’s Oil Industry
Colombia’s oil industry is facing multiple headwinds, including higher taxes, plans to end exploration, and its crude reserves running out.
Perhaps the largest headwind is the violence associated with the country’s cocaine trade, as its largest oil-producing areas are also coca-cultivating regions
In Colombia, oil is responsible for 3% of the gross domestic product, 12% of national income, a third of foreign investment, and 34% of total exports by value.
Oil Prices Extend Losses After EIA Inventory Data Release
Oil Prices Extend Losses After EIA Inventory Data Release
Crude oil prices fell today, even after the U.S. Energy Information Administration reported inventories of oil had shed 3.7 million barrels over the week to November 18.

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