China Could See Slowest Oil Import Growth In Two Decades
China Could See Slowest Oil Import Growth In Two Decades
High oil prices and China’s crackdown on the use of oil import quotas could result in the lowest crude oil import growth at the world’s top oil importer since 2001, analysts tell Reuters.
2021/07/26 17:09
Deadly Typhoon Threatens Strategic Chinese Oil Hub
Deadly Typhoon Threatens Strategic Chinese Oil Hub
The In-fa typhoon, which caused devastating flooding in parts of China this week—claiming at least 33 lives—is expected to make landfall this weekend in a key area hosting some of the largest Chinese refineries and oil storage tanks.
2021/07/26 17:03
Middle East Oil Giants Grapple With Cyberattacks
Middle East Oil Giants Grapple With Cyberattacks
As the global oil and gas markets are recovering from the steep sell-off last Monday, threats in the market are not just linked to demand-supply concerns. Cybersecurity specialists reported this week that hackers managed to get access to a large amount of data from Saudi oil giant Aramco. The company has confirmed that around 1TB of (confidential) data was stolen from its servers. According to AP sources, the data has been put on offer on the darknet for a price of $50 million.
2021/07/26 16:45
Oil Dips After EIA Reports Crude Inventory Build
Oil Dips After EIA Reports Crude Inventory Build
Crude oil prices briefly dipped after the Energy Information Administration reported a crude oil inventory build of 2.1 million barrels for the week to July 16.
2021/07/22 14:27
Traders Brace For Major Oil Market Volatility This Summer
Traders Brace For Major Oil Market Volatility This Summer
After a period of relative stability in the oil market where U.S. crude benchmark WTI was trading above $70 a barrel for more than a month, traders are now bracing for a wild ride for the rest of the summer.
2021/07/22 14:21
America Looks For A Balance Between Oil Needs And Climate Reality
America Looks For A Balance Between Oil Needs And Climate Reality
America Looks For A Balance Between Oil Needs And Climate Reality
2021/07/22 14:19
Houston Scrambles To Remain The Energy Capital Of The U.S.
Houston Scrambles To Remain The Energy Capital Of The U.S.
Houston Scrambles To Remain The Energy Capital Of The U.S.
2021/07/22 14:16
Oil Prices Inch Even Lower Following Devastating 7% Single-Day Loss
Oil Prices Inch Even Lower Following Devastating 7% Single-Day Loss
After plunging nearly 7% on Monday, oil prices saw a leveling off and even a smidgeon of a rebound on Tuesday in what many hope will be a new state of calm in the market.
2021/07/21 11:47
10 Things You Never Knew About Oil
From OPEC to U.S. shale, from fracking to negative oil prices, from endless political debates to inventories, the fossil fuel industry is never short on headlines. But the industry has a few lesser-known tidbits that might come as a surprise to even the savviest oil industry connoisseur.
2021/07/21 11:42
China Buys Less Saudi Crude As It Slams The Brakes On Oil Imports
China Buys Less Saudi Crude As It Slams The Brakes On Oil Imports
Saudi Arabia remained China’s single largest crude oil supplier in June, ahead of Russia, although Saudi shipments to the world’s top oil importer fell by 19 percent last month amid lower overall imports, according to official Chinese customs data cited by Reuters.
2021/07/21 11:35
What's Next For Oil After The New OPEC+ Deal
What's Next For Oil After The New OPEC+ Deal
The recent OPEC+ meeting ended with an agreement that would gradually increase the cartel’s monthly production until in late 2022 all of the 9.7 mm BOPD that had originally been withheld from the market, was restored. There was already an agreement in place through December of 2021, but the Kingdom of Saudi Arabia’s, (KSA) desire to extend it to the end of next year was a bone of contention with the United Arab Emirates, (UAE). This agreement was not reached easily and required some negotiation and compromise to achieve. It has been widely reported that the crux of the disagreement between KSA and the UAE, was the latter’s desire for a higher output ceiling from which its share of curtailment would be calculated. This, while certainly true, is not the only factor in the new assertiveness demonstrated by the UAE in OPEC affairs.
2021/07/20 16:43
China’s Changing Policies Could Create A Huge Oil Demand Deficit
China’s Changing Policies Could Create A Huge Oil Demand Deficit
Figures released last week show that China’s crude oil imports in the first half of 2021 declined for the first time in eight years.
2021/07/20 15:26
China Could See Slowest Oil Import Growth In Two Decades
China Could See Slowest Oil Import Growth In Two Decades
High oil prices and China’s crackdown on the use of oil import quotas could result in the lowest crude oil import growth at the world’s top oil importer since 2001, analysts tell Reuters.
Deadly Typhoon Threatens Strategic Chinese Oil Hub
Deadly Typhoon Threatens Strategic Chinese Oil Hub
The In-fa typhoon, which caused devastating flooding in parts of China this week—claiming at least 33 lives—is expected to make landfall this weekend in a key area hosting some of the largest Chinese refineries and oil storage tanks.
Middle East Oil Giants Grapple With Cyberattacks
Middle East Oil Giants Grapple With Cyberattacks
As the global oil and gas markets are recovering from the steep sell-off last Monday, threats in the market are not just linked to demand-supply concerns. Cybersecurity specialists reported this week that hackers managed to get access to a large amount of data from Saudi oil giant Aramco. The company has confirmed that around 1TB of (confidential) data was stolen from its servers. According to AP sources, the data has been put on offer on the darknet for a price of $50 million.
Oil Dips After EIA Reports Crude Inventory Build
Oil Dips After EIA Reports Crude Inventory Build
Crude oil prices briefly dipped after the Energy Information Administration reported a crude oil inventory build of 2.1 million barrels for the week to July 16.
Traders Brace For Major Oil Market Volatility This Summer
Traders Brace For Major Oil Market Volatility This Summer
After a period of relative stability in the oil market where U.S. crude benchmark WTI was trading above $70 a barrel for more than a month, traders are now bracing for a wild ride for the rest of the summer.
America Looks For A Balance Between Oil Needs And Climate Reality
America Looks For A Balance Between Oil Needs And Climate Reality
America Looks For A Balance Between Oil Needs And Climate Reality
Houston Scrambles To Remain The Energy Capital Of The U.S.
Houston Scrambles To Remain The Energy Capital Of The U.S.
Houston Scrambles To Remain The Energy Capital Of The U.S.
Oil Prices Inch Even Lower Following Devastating 7% Single-Day Loss
Oil Prices Inch Even Lower Following Devastating 7% Single-Day Loss
After plunging nearly 7% on Monday, oil prices saw a leveling off and even a smidgeon of a rebound on Tuesday in what many hope will be a new state of calm in the market.
10 Things You Never Knew About Oil
From OPEC to U.S. shale, from fracking to negative oil prices, from endless political debates to inventories, the fossil fuel industry is never short on headlines. But the industry has a few lesser-known tidbits that might come as a surprise to even the savviest oil industry connoisseur.
China Buys Less Saudi Crude As It Slams The Brakes On Oil Imports
China Buys Less Saudi Crude As It Slams The Brakes On Oil Imports
Saudi Arabia remained China’s single largest crude oil supplier in June, ahead of Russia, although Saudi shipments to the world’s top oil importer fell by 19 percent last month amid lower overall imports, according to official Chinese customs data cited by Reuters.
What's Next For Oil After The New OPEC+ Deal
What's Next For Oil After The New OPEC+ Deal
The recent OPEC+ meeting ended with an agreement that would gradually increase the cartel’s monthly production until in late 2022 all of the 9.7 mm BOPD that had originally been withheld from the market, was restored. There was already an agreement in place through December of 2021, but the Kingdom of Saudi Arabia’s, (KSA) desire to extend it to the end of next year was a bone of contention with the United Arab Emirates, (UAE). This agreement was not reached easily and required some negotiation and compromise to achieve. It has been widely reported that the crux of the disagreement between KSA and the UAE, was the latter’s desire for a higher output ceiling from which its share of curtailment would be calculated. This, while certainly true, is not the only factor in the new assertiveness demonstrated by the UAE in OPEC affairs.
China’s Changing Policies Could Create A Huge Oil Demand Deficit
China’s Changing Policies Could Create A Huge Oil Demand Deficit
Figures released last week show that China’s crude oil imports in the first half of 2021 declined for the first time in eight years.

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