Oil Markets Will Face A Supply Crisis Before Demand Peaks
Oil Markets Will Face A Supply Crisis Before Demand Peaks
The year 2020 was a watershed moment for the fossil fuel sector. Faced with a global pandemic, severe demand shocks, and a shift towards renewable energy, experts warned that nearly $900 billion worth of reserves--or about one-third of the value of big oil and gas companies--were at risk of becoming worthless.
2021/05/18 10:33
OPEC’s Oil Exports
OPEC’s Oil Exports Are Surging By 1 Million Bpd In May
OPEC’s oil exports have jumped by 1 million barrels per day (bpd) so far in May, while the OPEC+ group started easing the production cuts by 350,000 bpd this month, tanker tracker Petro-Logistics said on Monday.
2021/05/18 10:20
GLOBAL 0IL CONSUMPTION T0 AVERAGE 101.4 MLLION BARFELS FER DAY IN 2022
GLOBAL 0IL CONSUMPTION T0 AVERAGE 101.4 MLLION BARFELS FER DAY IN 2022
The US. Enerey Information Administration (EIA)released it short-term Energy outlook for May 2021. The study remains subject to heightened levels of uncertainty because responses to C0VID-19 continue to evolve. Economic activity has increased significantly after reaching multiyear lows in the second quarter of 2020.
2021/05/17 10:26
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 Has Oil Reserves At Least Until 2080
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.
2021/05/15 16:13
Can Canada Boost Oil Production While Reducing Emissions?
Can Canada Boost Oil Production While Reducing Emissions?
Canada has recently increased its climate commitment by announcing a more ambitious mid-term target for 2030 on its path to net-zero by 2050. Still, the federal government expects crude oil production to continue growing and peak only a decade before 2050.
2021/05/15 16:07
Middle East Oil Producers Race To Pump Crude And Sell Assets
Within the last month, Saudi Arabia’s state oil giant Aramco has announced the sale of a minority—but large—stake in its pipeline business, the possibility to sell another 1 percent of its stock, and intentions to put up for sale stakes in some oil fields.
Neighbor, ally, and fellow OPEC member UAE in the meantime, has announced plans to list its state oil firm’s drilling business and has launched its own oil futures in a bid to change the face of Middle Eastern oil.
2021/05/13 18:37
The most important point of agenda, of course, is the political unity of Libya – without it the Libyan NOC will not be able to breathe new life into exploration drilling and to allocate new acreage, not to speak of even more delicate tasks
Can Libya’s Oil Industry Make A Comeback In 2021?
The most important point of agenda, of course, is the political unity of Libya – without it the Libyan NOC will not be able to breathe new life into exploration drilling and to allocate new acreage, not to speak of even more delicate tasks
2021/05/12 17:21
OPEC’s Production Increases As Iran Ramps Up Output
OPEC’s Production Increases As Iran Ramps Up Output
OPEC’s crude oil production is estimated to have increased to a three-month high of 24.96 million barrels per day (bpd) in April, thanks to a major jump in Iran’s output, the latest survey by Argus showed.
2021/05/11 18:20
Canada Is Battling Another Pipeline Cancelation By The U.S.
Canada Is Battling Another Pipeline Cancelation By The U.S.
President Biden is coming under fire for his attack on oil and gas once again as Canada pleads to keep the cross-border Great Lakes oil pipeline open. Canada is battling against the state of Michigan to keep the cross-border pipeline open as calls to enhance the joint response to climate change seem to be at odds with the two countries’ oil industries. To create meaningful policy change towards clean energy the U.S. and Canada must work together to support their oil and gas sectors while establishing a clear strategy for the eventual movement away from fossil fuels.
2021/05/10 11:47
Africa’s Most Interesting Untapped Oil Play
Africa’s Most Interesting Untapped Oil Play
When writing the article on this year’s Top Oil Wildcats, one of the hottest candidates had to be dropped out of the list. Not because the prospect turned out to be sub-commercial, far from it, it remains one of Africa’s most interesting untapped plays, potentially opening up a new country with no previous exposure to the world of energy. As Senegal and Mauritania started to break their way onto the energy maps of Western Africa, Guinea Bissau has remained a relative outlier. At the same time it needs to be pointed out that lack of officially recognized discoveries does not necessarily mean lack of hydrocarbons, as can be attested by the Atum prospect. Atum remains one of the hottest plays in offshore Africa, an overlooked gem that would only need a little bit of political stability to shine.
2021/05/08 15:17
Oil Moves Higher On Largest Crude Draw Since January
Oil Moves Higher On Largest Crude Draw Since January
Oil prices moved higher after the Energy Information Administration reported a crude oil inventory draw of 8 million barrels for the week to April 30.

In fuels, the inventory moves were mixed.
2021/05/06 18:53
Three Things That Will Drive Oil Prices In May
Three Things That Will Drive Oil Prices In May
The Energy Sector (NYSEARCA:XLE) has taken the lead in the S&P midday sector standings on Wednesday trading, jumping 3.5% as OPEC + appears ready to stick with earlier plans to slightly increase oil production from May 1. The OPEC technical committee has issued a bullish oil demand forecast, although a hawkish tone by the Fed could derail the recent oil price gains.

Meanwhile, the Federal Open Market Committee (FOMC) meeting is scheduled to take place on 27-28 April 2021, with the committee set to announce any changes to its monetary policy immediately after.
2021/04/29 11:28
Oil Markets Will Face A Supply Crisis Before Demand Peaks
Oil Markets Will Face A Supply Crisis Before Demand Peaks
The year 2020 was a watershed moment for the fossil fuel sector. Faced with a global pandemic, severe demand shocks, and a shift towards renewable energy, experts warned that nearly $900 billion worth of reserves--or about one-third of the value of big oil and gas companies--were at risk of becoming worthless.
OPEC’s Oil Exports
OPEC’s Oil Exports Are Surging By 1 Million Bpd In May
OPEC’s oil exports have jumped by 1 million barrels per day (bpd) so far in May, while the OPEC+ group started easing the production cuts by 350,000 bpd this month, tanker tracker Petro-Logistics said on Monday.
GLOBAL 0IL CONSUMPTION T0 AVERAGE 101.4 MLLION BARFELS FER DAY IN 2022
GLOBAL 0IL CONSUMPTION T0 AVERAGE 101.4 MLLION BARFELS FER DAY IN 2022
The US. Enerey Information Administration (EIA)released it short-term Energy outlook for May 2021. The study remains subject to heightened levels of uncertainty because responses to C0VID-19 continue to evolve. Economic activity has increased significantly after reaching multiyear lows in the second quarter of 2020.
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 Has Oil Reserves At Least Until 2080
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.
Can Canada Boost Oil Production While Reducing Emissions?
Can Canada Boost Oil Production While Reducing Emissions?
Canada has recently increased its climate commitment by announcing a more ambitious mid-term target for 2030 on its path to net-zero by 2050. Still, the federal government expects crude oil production to continue growing and peak only a decade before 2050.
Middle East Oil Producers Race To Pump Crude And Sell Assets
Within the last month, Saudi Arabia’s state oil giant Aramco has announced the sale of a minority—but large—stake in its pipeline business, the possibility to sell another 1 percent of its stock, and intentions to put up for sale stakes in some oil fields.
Neighbor, ally, and fellow OPEC member UAE in the meantime, has announced plans to list its state oil firm’s drilling business and has launched its own oil futures in a bid to change the face of Middle Eastern oil.
The most important point of agenda, of course, is the political unity of Libya – without it the Libyan NOC will not be able to breathe new life into exploration drilling and to allocate new acreage, not to speak of even more delicate tasks
Can Libya’s Oil Industry Make A Comeback In 2021?
The most important point of agenda, of course, is the political unity of Libya – without it the Libyan NOC will not be able to breathe new life into exploration drilling and to allocate new acreage, not to speak of even more delicate tasks
OPEC’s Production Increases As Iran Ramps Up Output
OPEC’s Production Increases As Iran Ramps Up Output
OPEC’s crude oil production is estimated to have increased to a three-month high of 24.96 million barrels per day (bpd) in April, thanks to a major jump in Iran’s output, the latest survey by Argus showed.
Canada Is Battling Another Pipeline Cancelation By The U.S.
Canada Is Battling Another Pipeline Cancelation By The U.S.
President Biden is coming under fire for his attack on oil and gas once again as Canada pleads to keep the cross-border Great Lakes oil pipeline open. Canada is battling against the state of Michigan to keep the cross-border pipeline open as calls to enhance the joint response to climate change seem to be at odds with the two countries’ oil industries. To create meaningful policy change towards clean energy the U.S. and Canada must work together to support their oil and gas sectors while establishing a clear strategy for the eventual movement away from fossil fuels.
Africa’s Most Interesting Untapped Oil Play
Africa’s Most Interesting Untapped Oil Play
When writing the article on this year’s Top Oil Wildcats, one of the hottest candidates had to be dropped out of the list. Not because the prospect turned out to be sub-commercial, far from it, it remains one of Africa’s most interesting untapped plays, potentially opening up a new country with no previous exposure to the world of energy. As Senegal and Mauritania started to break their way onto the energy maps of Western Africa, Guinea Bissau has remained a relative outlier. At the same time it needs to be pointed out that lack of officially recognized discoveries does not necessarily mean lack of hydrocarbons, as can be attested by the Atum prospect. Atum remains one of the hottest plays in offshore Africa, an overlooked gem that would only need a little bit of political stability to shine.
Oil Moves Higher On Largest Crude Draw Since January
Oil Moves Higher On Largest Crude Draw Since January
Oil prices moved higher after the Energy Information Administration reported a crude oil inventory draw of 8 million barrels for the week to April 30.

In fuels, the inventory moves were mixed.
Three Things That Will Drive Oil Prices In May
Three Things That Will Drive Oil Prices In May
The Energy Sector (NYSEARCA:XLE) has taken the lead in the S&P midday sector standings on Wednesday trading, jumping 3.5% as OPEC + appears ready to stick with earlier plans to slightly increase oil production from May 1. The OPEC technical committee has issued a bullish oil demand forecast, although a hawkish tone by the Fed could derail the recent oil price gains.

Meanwhile, the Federal Open Market Committee (FOMC) meeting is scheduled to take place on 27-28 April 2021, with the committee set to announce any changes to its monetary policy immediately after.

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