As central banks around the world hike interest rates, global economic growth is slowing, which will ultimately lead to a slowdown in India’s energy demand growth.
India’s Oil And Gas Demand Could Disappoint In 2023
In recent years India has been a key driver of global energy demand growth, helping to push both oil and gas prices higher.
As central banks around the world hike interest rates, global economic growth is slowing, which will ultimately lead to a slowdown in India’s energy demand growth.
While India may see a slowdown in oil and gas demand next year, its growing transportation sector will drive plenty of demand growth in the future.
2022/12/28 14:34
Europe Can’t Count On U.S. Shale To Make Up For Russian Crude
Europe Can’t Count On U.S. Shale To Make Up For Russian Crude
EU crude imports from Russia are set to plunge after the import ban of seaborne crude oil on December 5th.
Oil production growth in the U.S. is flattening for a number of reasons.
U.S. crude exports to the EU can only replace a small portion of Russian/OPEC crude.
2022/12/06 18:45
Cocaine Conflict Is Causing A Crisis For Colombia’s Oil Industry
Cocaine Conflict Is Causing A Crisis For Colombia’s Oil Industry
Colombia’s oil industry is facing multiple headwinds, including higher taxes, plans to end exploration, and its crude reserves running out.
Perhaps the largest headwind is the violence associated with the country’s cocaine trade, as its largest oil-producing areas are also coca-cultivating regions
In Colombia, oil is responsible for 3% of the gross domestic product, 12% of national income, a third of foreign investment, and 34% of total exports by value.
2022/12/02 17:10
Oil Prices Extend Losses After EIA Inventory Data Release
Oil Prices Extend Losses After EIA Inventory Data Release
Crude oil prices fell today, even after the U.S. Energy Information Administration reported inventories of oil had shed 3.7 million barrels over the week to November 18.
2022/11/26 17:16
The Biden Administration has just approved a new 2 million bpd oil export terminal for the Texas Gulf Coast.
Biden Quietly Approved 2 Million Bpd Texas Oil Terminal
The Biden Administration has just approved a new 2 million bpd oil export terminal for the Texas Gulf Coast.
The approval comes amid suggestions from Democrats in Congress that the U.S. should curb oil exports to secure local supply.
The project involves building a terminal about 30 miles south of Freeport, in Surfside.
2022/11/26 17:14
World leaders have become a bit more receptive to the notion that fossil fuels may play a role in energy’s future.
The Climate-Friendly Solution Is More U.S. Oil, Not Less: U.S. Republicans
At the UN climate summit in Egypt, U.S. Republicans have argued that the cleanest oil in the world comes from the United States.
Lousiana Republican Representative Garret Graves: If we are going to be increasing global demand of oil and gas we must ensure that the extraction, exploration and production activities are occurring in places where we have the lowest emissions per unit of energy.
World leaders have become a bit more receptive to the notion that fossil fuels may play a role in energy’s future.
2022/11/14 11:30
U.S. oil companies are warning of a slowdown in production growth.
U.S. Oil Companies Remain Cautious As Economic Headwinds Grow
U.S. oil companies are warning of a slowdown in production growth.
Inflation, labor shortages and supply chain issues are fueling uncertainty in the industry.
As the market braces for a rocky road ahead, U.S. oil companies will likely remain cautious for the foreseeable future.
2022/11/08 08:53
Some Big Oil companies are so confident that high oil prices are here to stay that they have completely ditched their hedges.
Why Overly Confident U.S. Drillers Ditched Their Hedges
Some Big Oil companies are so confident that high oil prices are here to stay that they have completely ditched their hedges.
Scotiabank's Paul Cheng: the best hedge for oil and gas companies is a strong balance sheet.
U.S. shale producers will suffer a staggering $42 billion in hedging losses in 2022
2022/11/04 15:58
U.S. Accelerates Three-Tier Plan To Reduce Oil Prices
U.S. Accelerates Three-Tier Plan To Reduce Oil Prices
U.S. President Biden has three key strategies in place to lower oil prices.
The first and foremost strategy is the implementation of the NOPEC bill.
The second pillar of the plan is to release more crude from the U.S. SPR.
The third element of the plan to bring oil prices down is to be a concerted effort to encourage U.S. oil firms, shale or otherwise, to increase their production.
2022/10/28 16:34
Oil Jumps Despite Major Crude Inventory Build
Oil Jumps Despite Major Crude Inventory Build
Crude oil prices moved lower today after the Energy Information Administration reported a crude oil inventory build of 9.9 million barrels for the week to October 7, but the move lower didn't last long.
2022/10/17 10:00
U.S. Refiners Are Preparing For A Potential Fuel Export Ban
U.S. Refiners Are Preparing For A Potential Fuel Export Ban
U.S. refiners have been bracing themselves for the possibility that President Biden will impose some sort of fuel exports ban or restriction ahead of the mid-terms.
One industry executive said his company didn’t have a place to put the excess fuel, so would have to slow refinery runs and produce less diesel and gasoline.
Oil producers and energy experts have widely criticized the plan, suggesting that it could lead to job losses, productivity declines, and, in the long run, high prices.
2022/10/17 09:55
Introduction of Plunger
2022/10/10 16:14
As central banks around the world hike interest rates, global economic growth is slowing, which will ultimately lead to a slowdown in India’s energy demand growth.
India’s Oil And Gas Demand Could Disappoint In 2023
In recent years India has been a key driver of global energy demand growth, helping to push both oil and gas prices higher.
As central banks around the world hike interest rates, global economic growth is slowing, which will ultimately lead to a slowdown in India’s energy demand growth.
While India may see a slowdown in oil and gas demand next year, its growing transportation sector will drive plenty of demand growth in the future.
Europe Can’t Count On U.S. Shale To Make Up For Russian Crude
Europe Can’t Count On U.S. Shale To Make Up For Russian Crude
EU crude imports from Russia are set to plunge after the import ban of seaborne crude oil on December 5th.
Oil production growth in the U.S. is flattening for a number of reasons.
U.S. crude exports to the EU can only replace a small portion of Russian/OPEC crude.
Cocaine Conflict Is Causing A Crisis For Colombia’s Oil Industry
Cocaine Conflict Is Causing A Crisis For Colombia’s Oil Industry
Colombia’s oil industry is facing multiple headwinds, including higher taxes, plans to end exploration, and its crude reserves running out.
Perhaps the largest headwind is the violence associated with the country’s cocaine trade, as its largest oil-producing areas are also coca-cultivating regions
In Colombia, oil is responsible for 3% of the gross domestic product, 12% of national income, a third of foreign investment, and 34% of total exports by value.
Oil Prices Extend Losses After EIA Inventory Data Release
Oil Prices Extend Losses After EIA Inventory Data Release
Crude oil prices fell today, even after the U.S. Energy Information Administration reported inventories of oil had shed 3.7 million barrels over the week to November 18.
The Biden Administration has just approved a new 2 million bpd oil export terminal for the Texas Gulf Coast.
Biden Quietly Approved 2 Million Bpd Texas Oil Terminal
The Biden Administration has just approved a new 2 million bpd oil export terminal for the Texas Gulf Coast.
The approval comes amid suggestions from Democrats in Congress that the U.S. should curb oil exports to secure local supply.
The project involves building a terminal about 30 miles south of Freeport, in Surfside.
World leaders have become a bit more receptive to the notion that fossil fuels may play a role in energy’s future.
The Climate-Friendly Solution Is More U.S. Oil, Not Less: U.S. Republicans
At the UN climate summit in Egypt, U.S. Republicans have argued that the cleanest oil in the world comes from the United States.
Lousiana Republican Representative Garret Graves: If we are going to be increasing global demand of oil and gas we must ensure that the extraction, exploration and production activities are occurring in places where we have the lowest emissions per unit of energy.
World leaders have become a bit more receptive to the notion that fossil fuels may play a role in energy’s future.
U.S. oil companies are warning of a slowdown in production growth.
U.S. Oil Companies Remain Cautious As Economic Headwinds Grow
U.S. oil companies are warning of a slowdown in production growth.
Inflation, labor shortages and supply chain issues are fueling uncertainty in the industry.
As the market braces for a rocky road ahead, U.S. oil companies will likely remain cautious for the foreseeable future.
Some Big Oil companies are so confident that high oil prices are here to stay that they have completely ditched their hedges.
Why Overly Confident U.S. Drillers Ditched Their Hedges
Some Big Oil companies are so confident that high oil prices are here to stay that they have completely ditched their hedges.
Scotiabank's Paul Cheng: the best hedge for oil and gas companies is a strong balance sheet.
U.S. shale producers will suffer a staggering $42 billion in hedging losses in 2022
U.S. Accelerates Three-Tier Plan To Reduce Oil Prices
U.S. Accelerates Three-Tier Plan To Reduce Oil Prices
U.S. President Biden has three key strategies in place to lower oil prices.
The first and foremost strategy is the implementation of the NOPEC bill.
The second pillar of the plan is to release more crude from the U.S. SPR.
The third element of the plan to bring oil prices down is to be a concerted effort to encourage U.S. oil firms, shale or otherwise, to increase their production.
Oil Jumps Despite Major Crude Inventory Build
Oil Jumps Despite Major Crude Inventory Build
Crude oil prices moved lower today after the Energy Information Administration reported a crude oil inventory build of 9.9 million barrels for the week to October 7, but the move lower didn't last long.
U.S. Refiners Are Preparing For A Potential Fuel Export Ban
U.S. Refiners Are Preparing For A Potential Fuel Export Ban
U.S. refiners have been bracing themselves for the possibility that President Biden will impose some sort of fuel exports ban or restriction ahead of the mid-terms.
One industry executive said his company didn’t have a place to put the excess fuel, so would have to slow refinery runs and produce less diesel and gasoline.
Oil producers and energy experts have widely criticized the plan, suggesting that it could lead to job losses, productivity declines, and, in the long run, high prices.
Introduction of Plunger

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