Oil Flat As UAE Wildcard Puts OPEC Plans At Risk
Oil Flat As UAE Wildcard Puts OPEC Plans At Risk
OPEC+ is set to resume talks today following a day of digging in by the UAE, which opposes as “unfair” the latest production control proposal to extend the cuts until the end of 2022 without baseline adjustments, and a Saudi challenge on Monday morning.
2021/07/06 12:04
Oil Steady As OPEC+ Battles To Break Deadlock
Oil Steady As OPEC+ Battles To Break Deadlock
Oil prices were little changed and trading only slightly down early on Monday while the market is waiting for the OPEC+ group to begin a third day of meetings to try to reach a consensus about oil production levels in the coming months.
2021/07/06 11:58
OPEC+ Fails To Hike Oil Production, Delays Decision Again
OPEC+ Fails To Hike Oil Production, Delays Decision Again
OPEC+ much-awaited resumption of talks today has now been delayed, indicating that Saudi Arabia and the UAE have not been able to broker any agreement after the UAE opposed production cut proposals as “unfair” and the Saudis responded with tariff amendments designed to hit out as its political ally and economic rival.
2021/07/06 11:55
Analyst Says Market Too Optimistic About Demand
Analyst Says Market Too Optimistic About Demand
Oil market participants may have focused too much on the surging U.S. fuel demand with states re-opening, possibly ignoring the still lurking COVID threats to demand elsewhere, energy analyst Vandana Hari, founder and chief executive officer of Vanda Insights, told CNBC in a recent interview.
2021/07/06 11:50
Could Iran Raise Its Oil Production To 6 Million Bpd?
Could Iran Raise Its Oil Production To 6 Million Bpd?
The unsuccessful attempts by OPEC+ to reach a deal on output cuts increase the risk of creating a supply squeeze in an already tight market, which could potentially send oil prices sharply higher. Consumers are beginning to keenly feel the effects of higher oil prices, with 4th of July gasoline prices in the U.S. set to be the highest for the holiday weekend in seven years while prices are forecast to rise even higher later in the summer.
2021/07/06 11:46
Delayed Deal Between Saudi Arabia And India May Still Happen Against All Odds
Delayed Deal Between Saudi Arabia And India May Still Happen Against All Odds
A long-delayed deal between Saudi Arabia’s flagship oil company, Saudi Aramco, and Indian conglomerate, Reliance Industries, looks closer to going ahead following the recent appointment of Aramco chairman, Yasir Al-Rumayyan, as an independent director on the board of Reliance. Two or three years ago when the idea for the tie-up based around both companies’ oil-to-chemicals operations made some sense from both sides, now it makes great sense from Aramco’s side and no sense at all from Reliance’s, but wider geopolitical pressures mean that it is likely to go ahead anyway.
2021/07/06 11:42
Suddenly a big explosion in the Caspian waters near Azerbaijan
Suddenly a big explosion in the Caspian waters near Azerbaijan
According to TASS news agency, on the night of July 4, local time, a huge explosion occurred in the Caspian waters near Azerbaijan and caused a fire. The scene was captured by residents on the shore and quickly spread in the media and the Internet.

2021/07/05 22:09
Peru’s Oil Industry Is Bouncing Back Despite Election Chaos
Peru’s Oil Industry Is Bouncing Back Despite Election Chaos
Peru’s Oil Industry Is Bouncing Back Despite Election Chaos
2021/07/02 14:35
Despite announcements last year that it is striving for net-zero carbon emissions by 2050, Norway has now said it will go full steam ahead in its oil ventures over the coming decades.
Norway Is Going Full Steam Ahead On Its Oil Ventures
Despite announcements last year that it is striving for net-zero carbon emissions by 2050, Norway has now said it will go full steam ahead in its oil ventures over the coming decades. While neighboring Denmark plans to end all North Sea operations by 2050, Norway, Western Europe’s largest oil producer, continues to offer exploration and production contracts to several companies, as it intends to develop its already well-established oil industry further.
2021/07/02 14:30
India’s oil demand is expected to get back to normal by the end of the year, following months of uncertainty in the face of a third wave of Covid-19 infections.
India’s Oil Demand Expected To Return To Normal By End Of Year
India’s oil demand is expected to get back to normal by the end of the year, following months of uncertainty in the face of a third wave of Covid-19 infections.
2021/07/02 14:24
Big Oil’s Digital Pivot Marks The Beginning Of A New Era For The Industry
The oil and gas industry is embracing new technologies to save time and costs and, most recently, to reduce the carbon footprint of its supply chain as the energy sector is under increased pressure to reward shareholders while helping to fight climate cha
The oil and gas industry is embracing new technologies to save time and costs and, most recently, to reduce the carbon footprint of its supply chain as the energy sector is under increased pressure to reward shareholders while helping to fight climate change. Along with artificial intelligence, machine learning, digital twins, and robotics, the world’s biggest oil and gas firms and oilfield services providers are betting on 3D printing, also known as additive manufacturing, to streamline operations, cut costs and save time, and reduce emissions from spare parts manufacturing.
2021/07/01 17:38
This Norwegian Flagship Crude Could Save The Brent Benchmark
This Norwegian Flagship Crude Could Save The Brent Benchmark
Deliberations on which benchmark presents the best opportunities to trade just never seem to stop. The gradual decline of all erstwhile champions of North Sea output champions has compelled pricing agencies to include newer and newer grades into the Brent basket to ensure the traded benchmark’s liquidity.
2021/07/01 17:17
Oil Flat As UAE Wildcard Puts OPEC Plans At Risk
Oil Flat As UAE Wildcard Puts OPEC Plans At Risk
OPEC+ is set to resume talks today following a day of digging in by the UAE, which opposes as “unfair” the latest production control proposal to extend the cuts until the end of 2022 without baseline adjustments, and a Saudi challenge on Monday morning.
Oil Steady As OPEC+ Battles To Break Deadlock
Oil Steady As OPEC+ Battles To Break Deadlock
Oil prices were little changed and trading only slightly down early on Monday while the market is waiting for the OPEC+ group to begin a third day of meetings to try to reach a consensus about oil production levels in the coming months.
OPEC+ Fails To Hike Oil Production, Delays Decision Again
OPEC+ Fails To Hike Oil Production, Delays Decision Again
OPEC+ much-awaited resumption of talks today has now been delayed, indicating that Saudi Arabia and the UAE have not been able to broker any agreement after the UAE opposed production cut proposals as “unfair” and the Saudis responded with tariff amendments designed to hit out as its political ally and economic rival.
Analyst Says Market Too Optimistic About Demand
Analyst Says Market Too Optimistic About Demand
Oil market participants may have focused too much on the surging U.S. fuel demand with states re-opening, possibly ignoring the still lurking COVID threats to demand elsewhere, energy analyst Vandana Hari, founder and chief executive officer of Vanda Insights, told CNBC in a recent interview.
Could Iran Raise Its Oil Production To 6 Million Bpd?
Could Iran Raise Its Oil Production To 6 Million Bpd?
The unsuccessful attempts by OPEC+ to reach a deal on output cuts increase the risk of creating a supply squeeze in an already tight market, which could potentially send oil prices sharply higher. Consumers are beginning to keenly feel the effects of higher oil prices, with 4th of July gasoline prices in the U.S. set to be the highest for the holiday weekend in seven years while prices are forecast to rise even higher later in the summer.
Delayed Deal Between Saudi Arabia And India May Still Happen Against All Odds
Delayed Deal Between Saudi Arabia And India May Still Happen Against All Odds
A long-delayed deal between Saudi Arabia’s flagship oil company, Saudi Aramco, and Indian conglomerate, Reliance Industries, looks closer to going ahead following the recent appointment of Aramco chairman, Yasir Al-Rumayyan, as an independent director on the board of Reliance. Two or three years ago when the idea for the tie-up based around both companies’ oil-to-chemicals operations made some sense from both sides, now it makes great sense from Aramco’s side and no sense at all from Reliance’s, but wider geopolitical pressures mean that it is likely to go ahead anyway.
Suddenly a big explosion in the Caspian waters near Azerbaijan
Suddenly a big explosion in the Caspian waters near Azerbaijan
According to TASS news agency, on the night of July 4, local time, a huge explosion occurred in the Caspian waters near Azerbaijan and caused a fire. The scene was captured by residents on the shore and quickly spread in the media and the Internet.

Peru’s Oil Industry Is Bouncing Back Despite Election Chaos
Peru’s Oil Industry Is Bouncing Back Despite Election Chaos
Peru’s Oil Industry Is Bouncing Back Despite Election Chaos
Despite announcements last year that it is striving for net-zero carbon emissions by 2050, Norway has now said it will go full steam ahead in its oil ventures over the coming decades.
Norway Is Going Full Steam Ahead On Its Oil Ventures
Despite announcements last year that it is striving for net-zero carbon emissions by 2050, Norway has now said it will go full steam ahead in its oil ventures over the coming decades. While neighboring Denmark plans to end all North Sea operations by 2050, Norway, Western Europe’s largest oil producer, continues to offer exploration and production contracts to several companies, as it intends to develop its already well-established oil industry further.
India’s oil demand is expected to get back to normal by the end of the year, following months of uncertainty in the face of a third wave of Covid-19 infections.
India’s Oil Demand Expected To Return To Normal By End Of Year
India’s oil demand is expected to get back to normal by the end of the year, following months of uncertainty in the face of a third wave of Covid-19 infections.
Big Oil’s Digital Pivot Marks The Beginning Of A New Era For The Industry
The oil and gas industry is embracing new technologies to save time and costs and, most recently, to reduce the carbon footprint of its supply chain as the energy sector is under increased pressure to reward shareholders while helping to fight climate cha
The oil and gas industry is embracing new technologies to save time and costs and, most recently, to reduce the carbon footprint of its supply chain as the energy sector is under increased pressure to reward shareholders while helping to fight climate change. Along with artificial intelligence, machine learning, digital twins, and robotics, the world’s biggest oil and gas firms and oilfield services providers are betting on 3D printing, also known as additive manufacturing, to streamline operations, cut costs and save time, and reduce emissions from spare parts manufacturing.
This Norwegian Flagship Crude Could Save The Brent Benchmark
This Norwegian Flagship Crude Could Save The Brent Benchmark
Deliberations on which benchmark presents the best opportunities to trade just never seem to stop. The gradual decline of all erstwhile champions of North Sea output champions has compelled pricing agencies to include newer and newer grades into the Brent basket to ensure the traded benchmark’s liquidity.

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