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
Oil Prices Rise As EIA Data Beats Expectations
Oil Prices Rise As EIA Data Beats Expectations
Crude oil prices rose higher today after the Energy Information Administration reported an inventory draw of 6.9 million barrels for the week to July 2.
2021/07/09 12:25
Oil Price Plunge Continues Amid OPEC+ Deadlock
Oil Price Plunge Continues Amid OPEC+ Deadlock
Oil prices continued falling early on Wednesday, following the sharp losses incurred the previous day after the market started to assess what the OPEC+ deadlock would mean for immediate oil supply, supply-demand balances, and the future of the alliance.
2021/07/08 09:47
The Oil Stocks Wall Street Recommends
The Oil Stocks Wall Street Recommends
As oil prices have rallied more than 40 percent this year, analysts and institutional investors have grown increasingly bullish on oil stocks, which, many believe, are still undervalued and primed for further upside.
2021/07/08 09:01
Biden Urges OPEC+ To Raise Output Amid Soaring Crude Prices
Biden Urges OPEC+ To Raise Output Amid Soaring Crude Prices
Saudi Aramco has raised the August official selling prices of crude to Asia, as the oil market tightens, sparking fears of another oil price war and prompting the Biden administration to call on OPEC to settle its internal differences and start bringing more oil to markets, Bloomberg has reported, citing administration insiders.
2021/07/07 09:23
US Oil Prices Soar To 6-Year High In OPEC Standoff
US Oil Prices Soar To 6-Year High In OPEC Standoff
The U.S. benchmark oil price WTI Crude hit its highest level since November 2014 early on Tuesday, after OPEC+ on Monday called off its third attempt to reach an agreement over oil policy management for the coming months.
2021/07/07 09:12
OPEC Stalemate Could Spark A New Oil Price War
OPEC Stalemate Could Spark A New Oil Price War
Nearly a week of formal and side talks and behind-the-scenes negotiations failed to resolve a dispute over baseline production levels at OPEC+. The discord threw the group in its most serious crisis since March 2020, when the alliance’s leaders Saudi Arabia and Russia disagreed on oil supply management with global demand crumbling in the pandemic.
Now the dispute is between two Arab Gulf allies in OPEC—the United Arab Emirates and Saudi Arabia—in what analysts see as the UAE looking to step out of the Saudi shadow in global political affairs.
2021/07/07 09:00
Argentina is working to boost its oil production as well as investing in shale as the Latin American oil and gas giant continues to focus on traditional energy.
Is There Still Hope For Argentina’s Struggling Shale Patch?
Argentina is working to boost its oil production as well as investing in shale as the Latin American oil and gas giant continues to focus on traditional energy.
2021/07/07 08:51
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.
Oil Prices Rise As EIA Data Beats Expectations
Oil Prices Rise As EIA Data Beats Expectations
Crude oil prices rose higher today after the Energy Information Administration reported an inventory draw of 6.9 million barrels for the week to July 2.
Oil Price Plunge Continues Amid OPEC+ Deadlock
Oil Price Plunge Continues Amid OPEC+ Deadlock
Oil prices continued falling early on Wednesday, following the sharp losses incurred the previous day after the market started to assess what the OPEC+ deadlock would mean for immediate oil supply, supply-demand balances, and the future of the alliance.
The Oil Stocks Wall Street Recommends
The Oil Stocks Wall Street Recommends
As oil prices have rallied more than 40 percent this year, analysts and institutional investors have grown increasingly bullish on oil stocks, which, many believe, are still undervalued and primed for further upside.
Biden Urges OPEC+ To Raise Output Amid Soaring Crude Prices
Biden Urges OPEC+ To Raise Output Amid Soaring Crude Prices
Saudi Aramco has raised the August official selling prices of crude to Asia, as the oil market tightens, sparking fears of another oil price war and prompting the Biden administration to call on OPEC to settle its internal differences and start bringing more oil to markets, Bloomberg has reported, citing administration insiders.
US Oil Prices Soar To 6-Year High In OPEC Standoff
US Oil Prices Soar To 6-Year High In OPEC Standoff
The U.S. benchmark oil price WTI Crude hit its highest level since November 2014 early on Tuesday, after OPEC+ on Monday called off its third attempt to reach an agreement over oil policy management for the coming months.
OPEC Stalemate Could Spark A New Oil Price War
OPEC Stalemate Could Spark A New Oil Price War
Nearly a week of formal and side talks and behind-the-scenes negotiations failed to resolve a dispute over baseline production levels at OPEC+. The discord threw the group in its most serious crisis since March 2020, when the alliance’s leaders Saudi Arabia and Russia disagreed on oil supply management with global demand crumbling in the pandemic.
Now the dispute is between two Arab Gulf allies in OPEC—the United Arab Emirates and Saudi Arabia—in what analysts see as the UAE looking to step out of the Saudi shadow in global political affairs.
Argentina is working to boost its oil production as well as investing in shale as the Latin American oil and gas giant continues to focus on traditional energy.
Is There Still Hope For Argentina’s Struggling Shale Patch?
Argentina is working to boost its oil production as well as investing in shale as the Latin American oil and gas giant continues to focus on traditional energy.

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