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 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.
2021/08/25 11:47
Brazil Could Provide A Quarter Of The World’s Offshore Oil In 4 Years
Brazil Could Provide A Quarter Of The World’s Offshore Oil In 4 Years
As Brazil’s oil industry looks set to soar over the next decade, with the potential to provide almost a quarter of the world’s offshore oil by 2025, Big Oil is betting big on the oil-rich state.
2021/08/24 19:25
China government will allocate 100 billion yuan to support photovoltaic and wind power projects in 2021
China government will allocate 100 billion yuan to support photovoltaic and wind power projects in 2021
"Fourteen five" 500 billion special funds! This year, 100 billion yuan will be allocated to support photovoltaic and wind power projects.
2021/08/23 14:21
Russia Has Big Plans For Arctic Oil
Russia Has Big Plans For Arctic Oil
Russia seems intent on selling the world’s very last barrel of oil. As other energy superpowers and petro-states around the world scramble to diversify their economies and establish a foothold in the burgeoning green energy transition, Russia has stalwartly refused to ease its reliance on its fossil fuels industry and is vying for the distinction of being the last man standing in an industry whose days are inevitably numbered.
2021/08/23 14:06
China Continues To Tap Crude Reserves Despite Plunge In Refining Activity
China Continues To Tap Crude Reserves Despite Plunge In Refining Activity
The world’s largest oil importer, China, is estimated to have drawn some crude from its oil reserves in July, although its refining throughput fell to the lowest level in over a year, Reuters columnist Clyde Russell has estimated based on official Chinese data.
2021/08/18 11:51
Canada Could Boost Oil Pipeline Capacity As Soon As September
Canada Could Boost Oil Pipeline Capacity As Soon As September
Canada’s oil sands producers may find welcome relief to years of pipeline capacity constraints when the first new pipeline in years could enter into service as early as next month.
2021/08/18 11:34
Why The U.S. Is So Vulnerable To Rising Oil Prices
Why The U.S. Is So Vulnerable To Rising Oil Prices
Oil markets started off the week under pressure as continued speculative “long” liquidation amid delta variant demand concerns weighed on prices. However, in an ironic twist, the oil market got a boost from an unlikely source on Wednesday as the Biden administration announced it was pleading with OPEC+ members to increase oil production to stem inflationary pressures from rising domestic gasoline prices.
2021/08/17 09:25
What Happens If We Stop Pumping Oil Tomorrow?
What Happens If We Stop Pumping Oil Tomorrow?
What Happens If We Stop Pumping Oil Tomorrow?If there was no oil, iPhones, technology, computers, plastics, all manufactured products, food and medicines would not be able to be produced,
2021/08/17 09:07
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.
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.
Brazil Could Provide A Quarter Of The World’s Offshore Oil In 4 Years
Brazil Could Provide A Quarter Of The World’s Offshore Oil In 4 Years
As Brazil’s oil industry looks set to soar over the next decade, with the potential to provide almost a quarter of the world’s offshore oil by 2025, Big Oil is betting big on the oil-rich state.
China government will allocate 100 billion yuan to support photovoltaic and wind power projects in 2021
China government will allocate 100 billion yuan to support photovoltaic and wind power projects in 2021
"Fourteen five" 500 billion special funds! This year, 100 billion yuan will be allocated to support photovoltaic and wind power projects.
Russia Has Big Plans For Arctic Oil
Russia Has Big Plans For Arctic Oil
Russia seems intent on selling the world’s very last barrel of oil. As other energy superpowers and petro-states around the world scramble to diversify their economies and establish a foothold in the burgeoning green energy transition, Russia has stalwartly refused to ease its reliance on its fossil fuels industry and is vying for the distinction of being the last man standing in an industry whose days are inevitably numbered.
China Continues To Tap Crude Reserves Despite Plunge In Refining Activity
China Continues To Tap Crude Reserves Despite Plunge In Refining Activity
The world’s largest oil importer, China, is estimated to have drawn some crude from its oil reserves in July, although its refining throughput fell to the lowest level in over a year, Reuters columnist Clyde Russell has estimated based on official Chinese data.
Canada Could Boost Oil Pipeline Capacity As Soon As September
Canada Could Boost Oil Pipeline Capacity As Soon As September
Canada’s oil sands producers may find welcome relief to years of pipeline capacity constraints when the first new pipeline in years could enter into service as early as next month.
Why The U.S. Is So Vulnerable To Rising Oil Prices
Why The U.S. Is So Vulnerable To Rising Oil Prices
Oil markets started off the week under pressure as continued speculative “long” liquidation amid delta variant demand concerns weighed on prices. However, in an ironic twist, the oil market got a boost from an unlikely source on Wednesday as the Biden administration announced it was pleading with OPEC+ members to increase oil production to stem inflationary pressures from rising domestic gasoline prices.
What Happens If We Stop Pumping Oil Tomorrow?
What Happens If We Stop Pumping Oil Tomorrow?
What Happens If We Stop Pumping Oil Tomorrow?If there was no oil, iPhones, technology, computers, plastics, all manufactured products, food and medicines would not be able to be produced,

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