Africa’s Oil Nations Will Be Doomed If Exploration Is Halted
Africa’s Oil Nations Will Be Doomed If Exploration Is Halted
The IEA’s shocking call for no new oil and gas exploration on the path to net-zero emissions doesn’t necessarily follow that demand through to its logical end game. A line-up of countries would descend into chaos, creating global instability that would itself threaten the climate by hindering a natural energy transition.
2021/05/28 08:52
Iranian Pipeline To Make First Shipment In June
Sanctions-busting Iranian Pipeline To Make First Shipment In June
Iran’s Goreh-Jask oil pipeline is due to ship its first crude oil in June, with all construction having finished last week. This pipeline will enable Iran to transport huge quantities of oil from its major oil fields via Goreh in the Shoaybiyeh-ye Gharbi Rural District of Khuzestan Province 1100 kilometres to the port of Jask in Hormozgan province on the Gulf of Oman.
2021/05/27 10:53
A Rare Moment Of Stability For Oil Prices
A Rare Moment Of Stability For Oil Prices
Oil prices have generally been trending higher over the past few months as the demand outlook for the commodity improved amid mass vaccination efforts. This week, however, benchmarks have experienced a rare moment of stability.
2021/05/26 09:35
Goldman Sees $80 Oil This Year Despite Pending Iran Deal
Goldman Sees $80 Oil This Year Despite Pending Iran Deal
Goldman Sachs still expects crude oil to rise to $80 per barrel by the end of the year despite reports about progress on U.S.- Iranian talks about the lifting of sanctions.
2021/05/25 10:33
Barclays: Reopening Economies Drive Oil Demand Higher
Barclays: Reopening Economies Drive Oil Demand Higher
Global oil demand is recovering with major economies reopening amid a cautious supply approach from OPEC+ and restraint in U.S. shale, Barclays said on Friday.
2021/05/24 16:01
CNOOC crew
China extends oil market dominance as tax code forces buying shift
(Bloomberg) --China is set to extend its dominance in the global oil market as planned tax adjustments spark a chain reaction, prompting processors to boost crude imports and raise refinery run rates.
2021/05/22 08:46
Oil Demand Set To Surge As Travel Picks Up
Oil Demand Set To Surge As Travel Picks Up
As restrictions ease across Europe, we are slowly seeing a resurgence in fuel demand for travel, not only in gasoline and diesel but also in jet fuel as travel and tourism gradually pick up.
2021/05/21 08:47
There Is Light At The End Of The Tunnel For Argentina’s Oil Industry
There Is Light At The End Of The Tunnel For Argentina’s Oil Industry
By early April 2021, striking healthcare workers demanding higher wages as they managed Argentina’s COVID-19 crisis, were blockading the sprawling Vaca Muerta shale oil and gas deposit in Neuquen. That province is at the heart of Argentina’s hydrocarbon sector - pumping over a third of Argentina’s total crude oil production and half of its natural gas.
2021/05/21 08:39
The IEA May Have Given OPEC A Huge Gift
The IEA May Have Given OPEC A Huge Gift
An immediate halt to oil exploration is one of the steps that need to be taken in order for the world to reach Paris Agreement climate change commitments. That’s what the International Energy Agency said in a first-of-its-kind roadmap to net zero.
2021/05/20 09:42
Oil Prices Tumble As Crude Inventories Rise
Oil Prices Tumble As Crude Inventories Rise
Crude oil prices moved further down today after the Energy Information Administration reported a crude oil inventory build of 1.3 million barrels for the week to May 14.
2021/05/20 09:15
The IEA’s Latest Proposal Is Both Reckless And Impossible
The IEA’s Latest Proposal Is Both Reckless And Impossible
The International Energy Agency, which has stepped up its efforts to become a major green energy supporter, appears to have forgotten the reason it was set up as an agency in the first place. In its new report “Net Zero in 2050”, the energy agency calls for no new investments in oil- and gas-related projects.
2021/05/19 10:57
IEA: Net-Zero Goal Means No More New Oil And Gas Investment Ever
IEA: Net-Zero Goal Means No More New Oil And Gas Investment Ever
The world doesn’t need any new investments in oil and gas beyond what is already approved if it hopes to achieve net-zero emissions by 2050, the International Energy Agency (IEA) said on Tuesday, adding that the road to limiting global warming to 1.5 degrees Celsius involves a rapid and radical shift away from fossil fuels.
2021/05/19 10:50
Africa’s Oil Nations Will Be Doomed If Exploration Is Halted
Africa’s Oil Nations Will Be Doomed If Exploration Is Halted
The IEA’s shocking call for no new oil and gas exploration on the path to net-zero emissions doesn’t necessarily follow that demand through to its logical end game. A line-up of countries would descend into chaos, creating global instability that would itself threaten the climate by hindering a natural energy transition.
Iranian Pipeline To Make First Shipment In June
Sanctions-busting Iranian Pipeline To Make First Shipment In June
Iran’s Goreh-Jask oil pipeline is due to ship its first crude oil in June, with all construction having finished last week. This pipeline will enable Iran to transport huge quantities of oil from its major oil fields via Goreh in the Shoaybiyeh-ye Gharbi Rural District of Khuzestan Province 1100 kilometres to the port of Jask in Hormozgan province on the Gulf of Oman.
A Rare Moment Of Stability For Oil Prices
A Rare Moment Of Stability For Oil Prices
Oil prices have generally been trending higher over the past few months as the demand outlook for the commodity improved amid mass vaccination efforts. This week, however, benchmarks have experienced a rare moment of stability.
Goldman Sees $80 Oil This Year Despite Pending Iran Deal
Goldman Sees $80 Oil This Year Despite Pending Iran Deal
Goldman Sachs still expects crude oil to rise to $80 per barrel by the end of the year despite reports about progress on U.S.- Iranian talks about the lifting of sanctions.
Barclays: Reopening Economies Drive Oil Demand Higher
Barclays: Reopening Economies Drive Oil Demand Higher
Global oil demand is recovering with major economies reopening amid a cautious supply approach from OPEC+ and restraint in U.S. shale, Barclays said on Friday.
CNOOC crew
China extends oil market dominance as tax code forces buying shift
(Bloomberg) --China is set to extend its dominance in the global oil market as planned tax adjustments spark a chain reaction, prompting processors to boost crude imports and raise refinery run rates.
Oil Demand Set To Surge As Travel Picks Up
Oil Demand Set To Surge As Travel Picks Up
As restrictions ease across Europe, we are slowly seeing a resurgence in fuel demand for travel, not only in gasoline and diesel but also in jet fuel as travel and tourism gradually pick up.
There Is Light At The End Of The Tunnel For Argentina’s Oil Industry
There Is Light At The End Of The Tunnel For Argentina’s Oil Industry
By early April 2021, striking healthcare workers demanding higher wages as they managed Argentina’s COVID-19 crisis, were blockading the sprawling Vaca Muerta shale oil and gas deposit in Neuquen. That province is at the heart of Argentina’s hydrocarbon sector - pumping over a third of Argentina’s total crude oil production and half of its natural gas.
The IEA May Have Given OPEC A Huge Gift
The IEA May Have Given OPEC A Huge Gift
An immediate halt to oil exploration is one of the steps that need to be taken in order for the world to reach Paris Agreement climate change commitments. That’s what the International Energy Agency said in a first-of-its-kind roadmap to net zero.
Oil Prices Tumble As Crude Inventories Rise
Oil Prices Tumble As Crude Inventories Rise
Crude oil prices moved further down today after the Energy Information Administration reported a crude oil inventory build of 1.3 million barrels for the week to May 14.
The IEA’s Latest Proposal Is Both Reckless And Impossible
The IEA’s Latest Proposal Is Both Reckless And Impossible
The International Energy Agency, which has stepped up its efforts to become a major green energy supporter, appears to have forgotten the reason it was set up as an agency in the first place. In its new report “Net Zero in 2050”, the energy agency calls for no new investments in oil- and gas-related projects.
IEA: Net-Zero Goal Means No More New Oil And Gas Investment Ever
IEA: Net-Zero Goal Means No More New Oil And Gas Investment Ever
The world doesn’t need any new investments in oil and gas beyond what is already approved if it hopes to achieve net-zero emissions by 2050, the International Energy Agency (IEA) said on Tuesday, adding that the road to limiting global warming to 1.5 degrees Celsius involves a rapid and radical shift away from fossil fuels.

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