Exxon Makes Another Major Oil Discovery Offshore Guyana
Exxon Makes Another Major Oil Discovery Offshore Guyana
ExxonMobil and its partner Hess Corporation have made another significant crude oil discovery offshore Guyana, the U.S. supermajor said on Wednesday.
2021/07/29 17:14
Here’s Why Analysts Expect Record-High Earnings For ExxonMobil
Here’s Why Analysts Expect Record-High Earnings For ExxonMobil
Surging prices for plastics are likely to help Exxon's petrochemicals division post record-high earnings this week when the company reports its earnings.
2021/07/29 17:02
The Most Important Oil Project Of The Year Is Set To Go Live
The Most Important Oil Project Of The Year Is Set To Go Live
The Most Important Oil Project Of The Year Is Set To Go Live.Iran’s Jask oil terminal is now fully set to start loading vast quantities of crude to any major buyer in the world via the Gulf of Oman, with the first shipment of 100,000 metric tons of oil set to dock, load, and sail again within days.
2021/07/29 16:16
Oil Prices Boosted By Falling Crude Inventories
Oil Prices Boosted By Falling Crude Inventories
Crude oil prices rose today after the Energy Information Administration reported an inventory draw of 4.1 million barrels for the week to July 23.
2021/07/29 16:11
The Best Risk-Reward Plays In Oil
The Best Risk-Reward Plays In Oil
Oil prices have been ticking upwards after OPEC+ reached an agreement on Sunday that will see the group start adding 400,000 bpd production each month from August. Goldman Sachs says the agreement is modestly bullish and has forecast that Brent will hit $80 per barrel this summer. Piper Sandler says that whereas the backdrop of tighter monetary policy, the trajectory of the economic recovery, and the sustainability of inflation are likely to create some volatility curveballs, they will not be enough to derail the secular bull market.
2021/07/28 18:10
The global refining industry is already facing longer-term challenges with the energy transition.
Refiners Face Huge Long-Term Challenges
The global refining industry has not recovered yet from the impact of the pandemic, but it is already facing longer-term challenges with the energy transition.
2021/07/28 18:05
Venezuela Plans To Revive Its Oil Industry Despite U.S. Sanctions
Venezuela Plans To Revive Its Oil Industry Despite U.S. Sanctions
Venezuela is ignoring U.S. sanctions with its plan to boost production to 1.5 million bpd by the end of the year, around three times the current output.
2021/07/28 17:58
India May Join China In Bid To Lower Oil Prices
India May Join China In Bid To Lower Oil Prices
The world’s third-largest crude oil importer, India, could join China in tapping into its strategic petroleum reserve in a bid to sell lower-priced crude to its refiners amid rallying international oil prices.
2021/07/28 17:51
Libya Looks To Boost Oil Production To 1.6 Million Bpd In 2022
Libya Looks To Boost Oil Production To 1.6 Million Bpd In 2022
Libya could boost its oil production to 1.6 million barrels per day (bpd) by the middle of 2022 if the industry has the necessary funding, Libya’s Oil Minister Mohamed Oun told Italian news agency Agenzia Nova in an interview published this week.
2021/07/28 17:39
Iraq Wants Other U.S. Oil Company To Replace Exxon
Iraq Wants Other U.S. Oil Company To Replace Exxon
Iraq wants another U.S. company to replace Exxon as a shareholder in the West Qurna 1 field, one of the country's largest after the supermajor leaves the country.
2021/07/28 17:27
Iraq Oil Expert: Baghdad Shouldn't Replace Oil With Renewables
Iraq Oil Expert: Baghdad Shouldn't Replace Oil With Renewables
It is not in Iraq's best interest to adopt renewable energy at the expense of fossil fuels, energy and oil expert Hamza al-Jawaheri told local Shafaq News Agency in an interviewon Monday.
2021/07/28 14:34
Argentina’s Oil Industry Is Finally Bouncing Back
Argentina’s Oil Industry Is Finally Bouncing Back
Argentina’s Oil Industry Is Finally Bouncing Back
2021/07/27 19:22
Exxon Makes Another Major Oil Discovery Offshore Guyana
Exxon Makes Another Major Oil Discovery Offshore Guyana
ExxonMobil and its partner Hess Corporation have made another significant crude oil discovery offshore Guyana, the U.S. supermajor said on Wednesday.
Here’s Why Analysts Expect Record-High Earnings For ExxonMobil
Here’s Why Analysts Expect Record-High Earnings For ExxonMobil
Surging prices for plastics are likely to help Exxon's petrochemicals division post record-high earnings this week when the company reports its earnings.
The Most Important Oil Project Of The Year Is Set To Go Live
The Most Important Oil Project Of The Year Is Set To Go Live
The Most Important Oil Project Of The Year Is Set To Go Live.Iran’s Jask oil terminal is now fully set to start loading vast quantities of crude to any major buyer in the world via the Gulf of Oman, with the first shipment of 100,000 metric tons of oil set to dock, load, and sail again within days.
Oil Prices Boosted By Falling Crude Inventories
Oil Prices Boosted By Falling Crude Inventories
Crude oil prices rose today after the Energy Information Administration reported an inventory draw of 4.1 million barrels for the week to July 23.
The Best Risk-Reward Plays In Oil
The Best Risk-Reward Plays In Oil
Oil prices have been ticking upwards after OPEC+ reached an agreement on Sunday that will see the group start adding 400,000 bpd production each month from August. Goldman Sachs says the agreement is modestly bullish and has forecast that Brent will hit $80 per barrel this summer. Piper Sandler says that whereas the backdrop of tighter monetary policy, the trajectory of the economic recovery, and the sustainability of inflation are likely to create some volatility curveballs, they will not be enough to derail the secular bull market.
The global refining industry is already facing longer-term challenges with the energy transition.
Refiners Face Huge Long-Term Challenges
The global refining industry has not recovered yet from the impact of the pandemic, but it is already facing longer-term challenges with the energy transition.
Venezuela Plans To Revive Its Oil Industry Despite U.S. Sanctions
Venezuela Plans To Revive Its Oil Industry Despite U.S. Sanctions
Venezuela is ignoring U.S. sanctions with its plan to boost production to 1.5 million bpd by the end of the year, around three times the current output.
India May Join China In Bid To Lower Oil Prices
India May Join China In Bid To Lower Oil Prices
The world’s third-largest crude oil importer, India, could join China in tapping into its strategic petroleum reserve in a bid to sell lower-priced crude to its refiners amid rallying international oil prices.
Libya Looks To Boost Oil Production To 1.6 Million Bpd In 2022
Libya Looks To Boost Oil Production To 1.6 Million Bpd In 2022
Libya could boost its oil production to 1.6 million barrels per day (bpd) by the middle of 2022 if the industry has the necessary funding, Libya’s Oil Minister Mohamed Oun told Italian news agency Agenzia Nova in an interview published this week.
Iraq Wants Other U.S. Oil Company To Replace Exxon
Iraq Wants Other U.S. Oil Company To Replace Exxon
Iraq wants another U.S. company to replace Exxon as a shareholder in the West Qurna 1 field, one of the country's largest after the supermajor leaves the country.
Iraq Oil Expert: Baghdad Shouldn't Replace Oil With Renewables
Iraq Oil Expert: Baghdad Shouldn't Replace Oil With Renewables
It is not in Iraq's best interest to adopt renewable energy at the expense of fossil fuels, energy and oil expert Hamza al-Jawaheri told local Shafaq News Agency in an interviewon Monday.
Argentina’s Oil Industry Is Finally Bouncing Back
Argentina’s Oil Industry Is Finally Bouncing Back
Argentina’s Oil Industry Is Finally Bouncing Back

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