Our 2021 review deals a major blow for the size of the world’s remaining recoverable oil resources – but it also shows that oil production and consumption can align with climate goals.
World’s Recoverable Oil Resources Shrinks By 9%
Every year and following the publication of the BP Statistical Review, Rystad Energy releases its own assessment to provide an independent, solid and clear comparison of how the world’s energy landscape changed last year. Our 2021 review deals a major blow for the size of the world’s remaining recoverable oil resources – but it also shows that oil production and consumption can align with climate goals.
2021/07/14 16:24
Oil prices have continued to rally this year as economies recover from impaired pandemic levels, however, calendar spreads have been unable to realize their bullish intent. In fact, calendar spread structures have continued to disappoint into expiration.
Spreads And Inventory Levels Suggest Oil Prices Will Go Even Higher
Oil prices have continued to rally this year as economies recover from impaired pandemic levels, however, calendar spreads have been unable to realize their bullish intent. In fact, calendar spread structures have continued to disappoint into expiration.
2021/07/14 16:04
High Oil Prices Threaten The Global Economic Recovery
High Oil Prices Threaten The Global Economic Recovery
Since oil prices exceeded $70 per barrel earlier this year, analysts, economists, and central banks have been fretting about whether higher crude prices could disrupt the momentum in global economic recovery from the pandemic.
2021/07/14 15:59
Iran Nuclear Deal 90% Done: Russian Diplomat
Iran Nuclear Deal 90% Done: Russian Diplomat
About 90 percent of the work on the Iran nuclear deal has been done, but the 10 percent that remains might prove a tough nut to crack. That’s according to the permanent representative of Russia at Vienna international organizations.
2021/07/13 00:24
OPEC+ Still Far From Resolving UAE-Saudi Spat
OPEC+ Still Far From Resolving UAE-Saudi Spat
The odds of an OPEC+ meeting this week look increasingly unlikely as the group has failed to make progress in resolving the differences between key OPEC members Saudi Arabia and the United Arab Emirates (UAE), which resulted in a failure to decide future production levels last week, sources at OPEC+ told Reuters on Monday.
2021/07/13 00:19
How COVID-19 Triggered The Mother Of All Oil Crises
How COVID-19 Triggered The Mother Of All Oil Crises
How COVID-19 Triggered The Mother Of All Oil Crises
2021/07/12 09:56
Brent Prices Averaging $69 This Year
EIA Sees Brent Prices Averaging $69 This Year
Brent Crude spot prices are set to average $68.78 per barrel this year, the U.S. Energy Information Administration (EIA) said in its latest monthly outlook, significantly raising its oil price projections for both 2021 and 2022, expecting continued demand recovery.
2021/07/10 13:57
Crude oil demand will rebound to pre-pandemic levels by the first quarter of 2022
UBS: Oil Demand To Return To Pre-Covid Levels By Q1 2022
Crude oil demand will rebound to pre-pandemic levels by the first quarter of 2022, according to Wayne Gordon, executive director of commodities and forex at UBS Global Wealth Management.
2021/07/10 13:53
High Oil Prices Could Derail America’s Economic Recovery
High Oil Prices Could Derail America’s Economic Recovery
Way back in March, a veritable eternity ago if you measure by the daily news cycle, Oilprice reported that high oil prices were coming down the pike, and while oil execs celebrated their long, painful comeback, consumers would be the ones to pay the price at the pumps. And now, at long last, that prophecy is coming to pass in full force.
2021/07/09 12:35
Oil Continues To Slide As OPEC Stays Silent
Oil Continues To Slide As OPEC Stays Silent
Oil prices fell for a third day in a row early on Thursday as uncertainty coming from the OPEC+ deadlock and fears of COVID variants spreading fast weighed on the market.
2021/07/09 12:33
Poor Hedging Could Cost U.S. Shale $20 Billion
Poor Hedging Could Cost U.S. Shale $20 Billion
U.S. shale oil producers have suffered billions in losses from hedging their output at lower than current prices, the Financial Times reported today, citing data from IHS Markit.
2021/07/09 12:31
U.S. Shale On Track For One Of Its Best Years Ever
U.S. Shale On Track For One Of Its Best Years Ever
After seven consecutive weeks of gains, oil prices have gone into reverse gear once again, thanks mainly to the latest OPEC+ spat that left everyone wondering what to expect next. Major cracks appeared in the ministerial meeting with the United Arab Emirates continuing to block an agreement because it wants to increase its oil production b​efore demand falls as per WSJ. The market fears that the UAE might "want out of OPEC so it can pump 4M bbl/day and make hay while the sun shines," Phil Flynn, market analyst at Price Futures Group, has told MarketWatch.
2021/07/09 12:27
Our 2021 review deals a major blow for the size of the world’s remaining recoverable oil resources – but it also shows that oil production and consumption can align with climate goals.
World’s Recoverable Oil Resources Shrinks By 9%
Every year and following the publication of the BP Statistical Review, Rystad Energy releases its own assessment to provide an independent, solid and clear comparison of how the world’s energy landscape changed last year. Our 2021 review deals a major blow for the size of the world’s remaining recoverable oil resources – but it also shows that oil production and consumption can align with climate goals.
Oil prices have continued to rally this year as economies recover from impaired pandemic levels, however, calendar spreads have been unable to realize their bullish intent. In fact, calendar spread structures have continued to disappoint into expiration.
Spreads And Inventory Levels Suggest Oil Prices Will Go Even Higher
Oil prices have continued to rally this year as economies recover from impaired pandemic levels, however, calendar spreads have been unable to realize their bullish intent. In fact, calendar spread structures have continued to disappoint into expiration.
High Oil Prices Threaten The Global Economic Recovery
High Oil Prices Threaten The Global Economic Recovery
Since oil prices exceeded $70 per barrel earlier this year, analysts, economists, and central banks have been fretting about whether higher crude prices could disrupt the momentum in global economic recovery from the pandemic.
Iran Nuclear Deal 90% Done: Russian Diplomat
Iran Nuclear Deal 90% Done: Russian Diplomat
About 90 percent of the work on the Iran nuclear deal has been done, but the 10 percent that remains might prove a tough nut to crack. That’s according to the permanent representative of Russia at Vienna international organizations.
OPEC+ Still Far From Resolving UAE-Saudi Spat
OPEC+ Still Far From Resolving UAE-Saudi Spat
The odds of an OPEC+ meeting this week look increasingly unlikely as the group has failed to make progress in resolving the differences between key OPEC members Saudi Arabia and the United Arab Emirates (UAE), which resulted in a failure to decide future production levels last week, sources at OPEC+ told Reuters on Monday.
How COVID-19 Triggered The Mother Of All Oil Crises
How COVID-19 Triggered The Mother Of All Oil Crises
How COVID-19 Triggered The Mother Of All Oil Crises
Brent Prices Averaging $69 This Year
EIA Sees Brent Prices Averaging $69 This Year
Brent Crude spot prices are set to average $68.78 per barrel this year, the U.S. Energy Information Administration (EIA) said in its latest monthly outlook, significantly raising its oil price projections for both 2021 and 2022, expecting continued demand recovery.
Crude oil demand will rebound to pre-pandemic levels by the first quarter of 2022
UBS: Oil Demand To Return To Pre-Covid Levels By Q1 2022
Crude oil demand will rebound to pre-pandemic levels by the first quarter of 2022, according to Wayne Gordon, executive director of commodities and forex at UBS Global Wealth Management.
High Oil Prices Could Derail America’s Economic Recovery
High Oil Prices Could Derail America’s Economic Recovery
Way back in March, a veritable eternity ago if you measure by the daily news cycle, Oilprice reported that high oil prices were coming down the pike, and while oil execs celebrated their long, painful comeback, consumers would be the ones to pay the price at the pumps. And now, at long last, that prophecy is coming to pass in full force.
Oil Continues To Slide As OPEC Stays Silent
Oil Continues To Slide As OPEC Stays Silent
Oil prices fell for a third day in a row early on Thursday as uncertainty coming from the OPEC+ deadlock and fears of COVID variants spreading fast weighed on the market.
Poor Hedging Could Cost U.S. Shale $20 Billion
Poor Hedging Could Cost U.S. Shale $20 Billion
U.S. shale oil producers have suffered billions in losses from hedging their output at lower than current prices, the Financial Times reported today, citing data from IHS Markit.
U.S. Shale On Track For One Of Its Best Years Ever
U.S. Shale On Track For One Of Its Best Years Ever
After seven consecutive weeks of gains, oil prices have gone into reverse gear once again, thanks mainly to the latest OPEC+ spat that left everyone wondering what to expect next. Major cracks appeared in the ministerial meeting with the United Arab Emirates continuing to block an agreement because it wants to increase its oil production b​efore demand falls as per WSJ. The market fears that the UAE might "want out of OPEC so it can pump 4M bbl/day and make hay while the sun shines," Phil Flynn, market analyst at Price Futures Group, has told MarketWatch.

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