Could Oil Still Hit $80?
Could Oil Still Hit $80?
Crude oil markets have been jittery lately as additional OPEC+ output counters expectations of continued strong demand and coincides with concerns about the resurgence of Covid-19 in key markets. Yet some believe oil could still hit $80 a barrel.
2021/08/04 09:24
Oil Starts August With A Loss
Oil Starts August With A Loss
Oil prices fell early on Monday to start August with losses after posting a fourth consecutive month of gains in July. (2021)
2021/08/03 15:02
Oil Prices Continue To Fall On Delta Variant
Oil Prices Continue To Fall On Delta Variant
Oil prices started August in the red, and kept falling into the afternoon, with both benchmarks trading down more than 3% near Monday’s close.
2021/08/03 14:57
The U.S. Retains Its Crown As World’s Top Oil Producer
The U.S. Retains Its Crown As World’s Top Oil Producer
The U.S. Retains Its Crown As World’s Top Oil Producer,and the United States remains the world’s top oil consumer, averaging 17.2 million BPD in 2020. China was second at 14.2 million BPD, and was the only country in the Top 10 to report an increase in oil consumption in 2020.
2021/08/03 14:52
New Mexico Breaks Oil Production Record
New Mexico Breaks Oil Production Record
New Mexico broke an oil production record in May, pumping an average 1.22 million barrels daily as the Permian Basin returned to output growth again.
2021/08/03 14:49
Oil Opens Lower As Delta Variant Fears Clash With Tight Supply
Oil Opens Lower As Delta Variant Fears Clash With Tight Supply
Oil prices were trading slightly down early on Monday after having fallen 1 percent in Asia trade, as the bullish factor of tight market countered the bearish factor of the Delta variant spreading in many countries.
2021/08/02 18:53
Oil Market Still Far From Being Back To ‘Normal’
Oil Market Still Far From Being Back To ‘Normal’.
Worry about oil demand sparked by the resurgence of Covid-19 in some parts of the world and a fund selloff in oil futures has reversed the recent price rally. OPEC+ reaching a deal about future production lent an assist.
2021/07/30 10:08
Is America’s Oil Industry Too Big To Fail?
Is America’s Oil Industry Too Big To Fail?
The Biden administration is making strides in reducing the United States’ dependence on fossil fuels for its energy needs. The federal government’s post-pandemic plan involves hundreds of billions in financing for renewable energy and electric vehicle projects. But it might be harder to get rid of oil and gas than some would like to believe.
2021/07/30 10:06
Total, Equinor To Quit Venezuela Venture
Total, Equinor To Quit Venezuela Venture
French TotalEnergies and Norwegian Equinor will exit their oil joint venture with PDVSA, Bloomberg has reported, citing unnamed sources familiar with the matter.
2021/07/30 10:02
U.S. Crude Inventory,crude oil exploration
Oil Tops $75 On Shrinking U.S. Crude Inventories
Brent crude futures topped $75 on Thursday morning as U.S. crude oil inventories fell to 7 percent below the five-year average, according to EIA data.
2021/07/30 09:56
Norway Won’t Give Up On Oil & Gas
Why Norway Won’t Give Up On Oil & Gas
Norway Won’t Give Up On Oil & Gas
2021/07/29 17:19
Shrinking Global Populations Poses An Existential Threat To Oil
Shrinking Global Populations Poses An Existential Threat To Oil
About a week ago, Saudi Energy Minister Prince Abdulaziz bin Salman made waves in the oil community after telling Bloomberg News that Saudi Arabia "...is going to be the last man standing, and every molecule of hydrocarbon will come out."
2021/07/29 17:16
Could Oil Still Hit $80?
Could Oil Still Hit $80?
Crude oil markets have been jittery lately as additional OPEC+ output counters expectations of continued strong demand and coincides with concerns about the resurgence of Covid-19 in key markets. Yet some believe oil could still hit $80 a barrel.
Oil Starts August With A Loss
Oil Starts August With A Loss
Oil prices fell early on Monday to start August with losses after posting a fourth consecutive month of gains in July. (2021)
Oil Prices Continue To Fall On Delta Variant
Oil Prices Continue To Fall On Delta Variant
Oil prices started August in the red, and kept falling into the afternoon, with both benchmarks trading down more than 3% near Monday’s close.
The U.S. Retains Its Crown As World’s Top Oil Producer
The U.S. Retains Its Crown As World’s Top Oil Producer
The U.S. Retains Its Crown As World’s Top Oil Producer,and the United States remains the world’s top oil consumer, averaging 17.2 million BPD in 2020. China was second at 14.2 million BPD, and was the only country in the Top 10 to report an increase in oil consumption in 2020.
New Mexico Breaks Oil Production Record
New Mexico Breaks Oil Production Record
New Mexico broke an oil production record in May, pumping an average 1.22 million barrels daily as the Permian Basin returned to output growth again.
Oil Opens Lower As Delta Variant Fears Clash With Tight Supply
Oil Opens Lower As Delta Variant Fears Clash With Tight Supply
Oil prices were trading slightly down early on Monday after having fallen 1 percent in Asia trade, as the bullish factor of tight market countered the bearish factor of the Delta variant spreading in many countries.
Oil Market Still Far From Being Back To ‘Normal’
Oil Market Still Far From Being Back To ‘Normal’.
Worry about oil demand sparked by the resurgence of Covid-19 in some parts of the world and a fund selloff in oil futures has reversed the recent price rally. OPEC+ reaching a deal about future production lent an assist.
Is America’s Oil Industry Too Big To Fail?
Is America’s Oil Industry Too Big To Fail?
The Biden administration is making strides in reducing the United States’ dependence on fossil fuels for its energy needs. The federal government’s post-pandemic plan involves hundreds of billions in financing for renewable energy and electric vehicle projects. But it might be harder to get rid of oil and gas than some would like to believe.
Total, Equinor To Quit Venezuela Venture
Total, Equinor To Quit Venezuela Venture
French TotalEnergies and Norwegian Equinor will exit their oil joint venture with PDVSA, Bloomberg has reported, citing unnamed sources familiar with the matter.
U.S. Crude Inventory,crude oil exploration
Oil Tops $75 On Shrinking U.S. Crude Inventories
Brent crude futures topped $75 on Thursday morning as U.S. crude oil inventories fell to 7 percent below the five-year average, according to EIA data.
Norway Won’t Give Up On Oil & Gas
Why Norway Won’t Give Up On Oil & Gas
Norway Won’t Give Up On Oil & Gas
Shrinking Global Populations Poses An Existential Threat To Oil
Shrinking Global Populations Poses An Existential Threat To Oil
About a week ago, Saudi Energy Minister Prince Abdulaziz bin Salman made waves in the oil community after telling Bloomberg News that Saudi Arabia "...is going to be the last man standing, and every molecule of hydrocarbon will come out."

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