OPEC+ agreed to ease production cuts in January by 400,000 bpd OPEC+: There will also be an extension of the compensation cuts
OPEC+ To Add 400,000 Bpd In January Despite Oil Price Plunge
OPEC+ agreed to ease production cuts in January by 400,000 bpd
OPEC+: There will also be an extension of the compensation cuts
Saudi Arabia and Russia had already signaled that Omicron shouldn’t be a reason to jump to hasty decisions
2021/12/03 13:57
The latest drop in oil prices plays to the cartel’s concerns over oil demand in the near to medium term.
$70 Oil Won't Keep OPEC Happy
Oil prices plunged on Friday on renewed fears of a COVID-19-fueled drop in demand.

OPEC has been slow to open the taps despite soaring oil prices over the past several months.

The latest drop in oil prices plays to the cartel’s concerns over oil demand in the near to medium term.
2021/12/01 08:48
The tiny South American nation of Guyana has emerged as the hottest offshore drilling location on the continent over the last six years.
Guyana To Become The 11th Country To Produce Over 1 Million Bpd
The tiny South American nation of Guyana has emerged as the hottest offshore drilling location on the continent over the last six years.
2021/12/01 08:32
In line with the UAE’s position as a key U.S. ally in the region going forward, U.S. companies featured heavily in the contract awards
UAE Pumps $6 Billion Into Oil And Gas Expansion Projects
ADNOC is planning to invest up to US$6 billion towards improving its drilling business

In line with the UAE’s position as a key U.S. ally in the region going forward, U.S. companies featured heavily in the contract awards
2021/11/29 18:19
Demand for oil and gas is up, as we are seeing increased shortages globally, forcing the world’s oil-producing countries to ramp up production.
Canada's Ambitious New Plan To Save Its Oil Sands
Canada’s ambitious plan to utilize geothermal energy could help save its economically-dependent oil sands.
2021/11/29 18:13
US President Joe Biden announced the release of 50 million barrels of crude oil from the Strategic Petroleum Reserve Analysts: The SPR release has been priced in already
Biden Announces 50 Million Barrels SPR Release To Lower Oil Prices
US President Joe Biden announced the release of 50 million barrels of crude oil from the Strategic Petroleum Reserve

Analysts: The SPR release has been priced in already
2021/11/24 21:08
A potential ban on crude oil exports is under consideration at the White House, a Democratic Congressman told Bloomberg, adding that “The economics of it makes sense.”
Biden Administration Considers Ban On U.S. Oil Exports
A potential ban on crude oil exports is under consideration at the White House, a Democratic Congressman told Bloomberg, adding that “The economics of it makes sense.”
2021/11/24 21:05
President Joe Biden has been scrambling to put a lid on runaway oil prices over the past month. Biden’s latest plan is a joint strategic oil reserve release, cooperating with the likes of China, India, and Japan.
SPR Release Only Triggered A Brief Selloff In Crude Oil
President Joe Biden has been scrambling to put a lid on runaway oil prices over the past month.

Biden’s latest plan is a joint strategic oil reserve release, cooperating with the likes of China, India, and Japan.
2021/11/24 21:01
The march towards energy independence began 10 years ago, and oil and gas imports have been shrinking ever since. The energy independence's trajectory is clear, and the impact of the COVID-19 demand destruction will likely be temporary in the long run.
Has Biden Brought An End To U.S. Energy Independence?
The march towards energy independence began 10 years ago, and oil and gas imports have been shrinking ever since. The energy independence's trajectory is clear, and the impact of the COVID-19 demand destruction will likely be temporary in the long run.
2021/11/23 19:08
OPEC delegates: releasing millions of barrels from major oil consumers’ SPRs is not supported by market conditions
OPEC+ Vows To Respond If Countries Tap Their Oil Reserves
OPEC delegates: releasing millions of barrels from major oil consumers’ SPRs is not supported by market conditions
2021/11/23 19:03
The COVID-19 pandemic has taken a particularly harsh toll on Colombia’s economically-dependent oil and gas industry.Colombia desperately needs to ramp up oil and gas production.
Colombia Desperately Needs To Ramp Up Its Oil Production
The COVID-19 pandemic has taken a particularly harsh toll on Colombia’s economically-dependent oil and gas industry.Colombia desperately needs to ramp up oil and gas production.
2021/11/23 18:59
China Prepares To Release Oil From Strategic Reserve
China Prepares To Release Oil From Strategic Reserve
Reuters: China is preparing to release crude oil from its strategic reserve
2021/11/19 18:19
OPEC+ agreed to ease production cuts in January by 400,000 bpd OPEC+: There will also be an extension of the compensation cuts
OPEC+ To Add 400,000 Bpd In January Despite Oil Price Plunge
OPEC+ agreed to ease production cuts in January by 400,000 bpd
OPEC+: There will also be an extension of the compensation cuts
Saudi Arabia and Russia had already signaled that Omicron shouldn’t be a reason to jump to hasty decisions
The latest drop in oil prices plays to the cartel’s concerns over oil demand in the near to medium term.
$70 Oil Won't Keep OPEC Happy
Oil prices plunged on Friday on renewed fears of a COVID-19-fueled drop in demand.

OPEC has been slow to open the taps despite soaring oil prices over the past several months.

The latest drop in oil prices plays to the cartel’s concerns over oil demand in the near to medium term.
The tiny South American nation of Guyana has emerged as the hottest offshore drilling location on the continent over the last six years.
Guyana To Become The 11th Country To Produce Over 1 Million Bpd
The tiny South American nation of Guyana has emerged as the hottest offshore drilling location on the continent over the last six years.
In line with the UAE’s position as a key U.S. ally in the region going forward, U.S. companies featured heavily in the contract awards
UAE Pumps $6 Billion Into Oil And Gas Expansion Projects
ADNOC is planning to invest up to US$6 billion towards improving its drilling business

In line with the UAE’s position as a key U.S. ally in the region going forward, U.S. companies featured heavily in the contract awards
Demand for oil and gas is up, as we are seeing increased shortages globally, forcing the world’s oil-producing countries to ramp up production.
Canada's Ambitious New Plan To Save Its Oil Sands
Canada’s ambitious plan to utilize geothermal energy could help save its economically-dependent oil sands.
US President Joe Biden announced the release of 50 million barrels of crude oil from the Strategic Petroleum Reserve Analysts: The SPR release has been priced in already
Biden Announces 50 Million Barrels SPR Release To Lower Oil Prices
US President Joe Biden announced the release of 50 million barrels of crude oil from the Strategic Petroleum Reserve

Analysts: The SPR release has been priced in already
A potential ban on crude oil exports is under consideration at the White House, a Democratic Congressman told Bloomberg, adding that “The economics of it makes sense.”
Biden Administration Considers Ban On U.S. Oil Exports
A potential ban on crude oil exports is under consideration at the White House, a Democratic Congressman told Bloomberg, adding that “The economics of it makes sense.”
President Joe Biden has been scrambling to put a lid on runaway oil prices over the past month. Biden’s latest plan is a joint strategic oil reserve release, cooperating with the likes of China, India, and Japan.
SPR Release Only Triggered A Brief Selloff In Crude Oil
President Joe Biden has been scrambling to put a lid on runaway oil prices over the past month.

Biden’s latest plan is a joint strategic oil reserve release, cooperating with the likes of China, India, and Japan.
The march towards energy independence began 10 years ago, and oil and gas imports have been shrinking ever since. The energy independence's trajectory is clear, and the impact of the COVID-19 demand destruction will likely be temporary in the long run.
Has Biden Brought An End To U.S. Energy Independence?
The march towards energy independence began 10 years ago, and oil and gas imports have been shrinking ever since. The energy independence's trajectory is clear, and the impact of the COVID-19 demand destruction will likely be temporary in the long run.
OPEC delegates: releasing millions of barrels from major oil consumers’ SPRs is not supported by market conditions
OPEC+ Vows To Respond If Countries Tap Their Oil Reserves
OPEC delegates: releasing millions of barrels from major oil consumers’ SPRs is not supported by market conditions
The COVID-19 pandemic has taken a particularly harsh toll on Colombia’s economically-dependent oil and gas industry.Colombia desperately needs to ramp up oil and gas production.
Colombia Desperately Needs To Ramp Up Its Oil Production
The COVID-19 pandemic has taken a particularly harsh toll on Colombia’s economically-dependent oil and gas industry.Colombia desperately needs to ramp up oil and gas production.
China Prepares To Release Oil From Strategic Reserve
China Prepares To Release Oil From Strategic Reserve
Reuters: China is preparing to release crude oil from its strategic reserve

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