Saudi Aramco To Raise Oil Output Capacity by 550,000 Bpd By 2025
Saudi Aramco To Raise Oil Output Capacity by 550,000 Bpd By 2025
Saudi Aramco plans to have 550,000 barrels per day (bpd) more in oil production capacity by 2025 when the expansion projects on two major oilfields are complete, Saudi Arabia’s state-owned oil giant said on Sunday.
2021/08/10 13:52
U.S., Canadian Rig Count Rise
U.S., Canadian Rig Count Rise
U.S., Canadian Rig Count Rise.
2021/08/07 11:10
Exxon’s Falling Production Is Highly Bullish For Oil Prices
Last week, ExxonMobil (NYSE:XOM) reported Q 2 2021 earnings in one of Big Oil's most anticipated scorecards this earnings season. The United States' largest oil and gas company posted stellar earnings that proved that the worst for the U.S. shale industry might finally be in the rearview mirror. Exxon's Q2 earnings swung to a $4.7B profit from a loss of $1.1B in the year-earlier quarter while revenues more than doubled to $67.7B (+107.7% Y/Y), with both metrics exceeding Wall Street's expectations.
2021/08/06 10:23
Why Are Oil Stocks So Undervalued Right Now?
Why Are Oil Stocks So Undervalued Right Now?
It's not just rising U.S. stockpiles that have thrown the markets off-kilter. News that the COVID-19 Delta variant is running riot in China does not augur well for the global markets.
2021/08/06 10:14
Quiet Roads In China Are Concern For Oil Markets
Quiet Roads In China Are Concern For Oil Markets
Traffic congestion in Beijing has declined by 30 percent over the past week, and is falling in other parts of the country as well, as the spread of a new coronavirus variant gains traction, threatening the outlook for oil demand, Bloomberg reports.
2021/08/06 10:09
Has The Oil Market Learned To Live With Covid?
Has The Oil Market Learned To Live With Covid?
As the Delta variant became more prominent in July, initially in India and the U.K. and then gradually across the rest of the globe, many countries were forced back into lockdown or experienced other restrictions to work and movement. This led several experts to speculate that oil and gas demand would inevitably be driven down once again in the face of global restrictions limiting travel and industry. However, as the U.K. reduced all restrictions in mid-July, and several other countries continue to ease lockdowns, this anticipated dip in demand did not hit the industry as hard as expected.
2021/08/06 09:59
The Real Reason Big Oil Is Betting On The Hydrogen Boom
The Real Reason Big Oil Is Betting On The Hydrogen Boom
The Real Reason Big Oil Is Betting On The Hydrogen Boom
2021/08/04 11:36
DUC Well Inventory Plunges As Drillers Frack More Than They Drill
DUC Well Inventory Plunges As Drillers Frack More Than They Drill
US tight oil operators have for several months been depleting their inventory of drilled but uncompleted wells (DUCs) and, amid a slower drilling response, the number of ‘live’ DUCs in the country’s major oil regions slumped to 2,381 wells in June 2021, the lowest level since 2013, a Rystad Energy analysis reveals.
2021/08/04 11:25
Will Biden's Infrastructure Plan Threaten The U.S. Oil Industry?
Will Biden's Infrastructure Plan Threaten The U.S. Oil Industry?
Much was made about the impact of Biden's infrastructure bill on the U.S. oil and gas industry, but details suggest there is nothing to worry about.
2021/08/04 11:22
Nigeria Tries To Revive A Zombie Project
Nigeria Tries To Revive A Zombie Project
Nigeria’s oil industry has been confronted with a plethora of challenges – endless litigation, social unrest, majors regularly mulling a country exit, and all this against the background of a genuine societal demand to make oil revenues more equitable, more accessible and transparent.
2021/08/04 11:19
Merger Mania Paves The Way For A New Era In U.S. Shale
Merger Mania Paves The Way For A New Era In U.S. Shale
Mergers and acquisitions are how an industry normally handles tough times. Asset prices drop, some companies can no longer survive on their own and become targets for those with the means to grow through takeovers.
2021/08/04 11:16
WTI Falls Below $70 On Global Rise In COVID Cases
WTI Falls Below $70 On Global Rise In COVID Cases
WTI Falls Below $70 On Global Rise In COVID Cases
2021/08/04 11:11
Saudi Aramco To Raise Oil Output Capacity by 550,000 Bpd By 2025
Saudi Aramco To Raise Oil Output Capacity by 550,000 Bpd By 2025
Saudi Aramco plans to have 550,000 barrels per day (bpd) more in oil production capacity by 2025 when the expansion projects on two major oilfields are complete, Saudi Arabia’s state-owned oil giant said on Sunday.
U.S., Canadian Rig Count Rise
U.S., Canadian Rig Count Rise
U.S., Canadian Rig Count Rise.
Exxon’s Falling Production Is Highly Bullish For Oil Prices
Last week, ExxonMobil (NYSE:XOM) reported Q 2 2021 earnings in one of Big Oil's most anticipated scorecards this earnings season. The United States' largest oil and gas company posted stellar earnings that proved that the worst for the U.S. shale industry might finally be in the rearview mirror. Exxon's Q2 earnings swung to a $4.7B profit from a loss of $1.1B in the year-earlier quarter while revenues more than doubled to $67.7B (+107.7% Y/Y), with both metrics exceeding Wall Street's expectations.
Why Are Oil Stocks So Undervalued Right Now?
Why Are Oil Stocks So Undervalued Right Now?
It's not just rising U.S. stockpiles that have thrown the markets off-kilter. News that the COVID-19 Delta variant is running riot in China does not augur well for the global markets.
Quiet Roads In China Are Concern For Oil Markets
Quiet Roads In China Are Concern For Oil Markets
Traffic congestion in Beijing has declined by 30 percent over the past week, and is falling in other parts of the country as well, as the spread of a new coronavirus variant gains traction, threatening the outlook for oil demand, Bloomberg reports.
Has The Oil Market Learned To Live With Covid?
Has The Oil Market Learned To Live With Covid?
As the Delta variant became more prominent in July, initially in India and the U.K. and then gradually across the rest of the globe, many countries were forced back into lockdown or experienced other restrictions to work and movement. This led several experts to speculate that oil and gas demand would inevitably be driven down once again in the face of global restrictions limiting travel and industry. However, as the U.K. reduced all restrictions in mid-July, and several other countries continue to ease lockdowns, this anticipated dip in demand did not hit the industry as hard as expected.
The Real Reason Big Oil Is Betting On The Hydrogen Boom
The Real Reason Big Oil Is Betting On The Hydrogen Boom
The Real Reason Big Oil Is Betting On The Hydrogen Boom
DUC Well Inventory Plunges As Drillers Frack More Than They Drill
DUC Well Inventory Plunges As Drillers Frack More Than They Drill
US tight oil operators have for several months been depleting their inventory of drilled but uncompleted wells (DUCs) and, amid a slower drilling response, the number of ‘live’ DUCs in the country’s major oil regions slumped to 2,381 wells in June 2021, the lowest level since 2013, a Rystad Energy analysis reveals.
Will Biden's Infrastructure Plan Threaten The U.S. Oil Industry?
Will Biden's Infrastructure Plan Threaten The U.S. Oil Industry?
Much was made about the impact of Biden's infrastructure bill on the U.S. oil and gas industry, but details suggest there is nothing to worry about.
Nigeria Tries To Revive A Zombie Project
Nigeria Tries To Revive A Zombie Project
Nigeria’s oil industry has been confronted with a plethora of challenges – endless litigation, social unrest, majors regularly mulling a country exit, and all this against the background of a genuine societal demand to make oil revenues more equitable, more accessible and transparent.
Merger Mania Paves The Way For A New Era In U.S. Shale
Merger Mania Paves The Way For A New Era In U.S. Shale
Mergers and acquisitions are how an industry normally handles tough times. Asset prices drop, some companies can no longer survive on their own and become targets for those with the means to grow through takeovers.
WTI Falls Below $70 On Global Rise In COVID Cases
WTI Falls Below $70 On Global Rise In COVID Cases
WTI Falls Below $70 On Global Rise In COVID Cases

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