Oil Suffers Double Whammy In Weakest Week Since March
Oil Suffers Double Whammy In Weakest Week Since March
Oil prices are likely to record their worst week since March under the double blow of additional OPEC supply coming to markets and unfavorable fuel inventory data from the United States.
2021/07/19 20:13
Weak Fuel Demand Sends India’s Oil Imports To 9-Month Low
Weak Fuel Demand Sends India’s Oil Imports To 9-Month Low
Indian refiners imported in June 2021 the lowest volume of crude oil in nine months, as purchases slowed down in April and May when India imposed regional mobility restrictions to curb a resurgence in COVID cases, Reuters reported on Friday, quoting tanker data from trade sources.
2021/07/19 20:08
China’s Opaque Oil Data Leaves Markets In The Dark
China’s Opaque Oil Data Leaves Markets In The Dark
China saw its first-half crude imports drop year over year for the first time in a first half in eight years, sparking concerns in the market that purchases from the world’s largest oil importer may not be too supportive for oil in the coming months. At the same time, Chinese fuel exports have been rising this past half-year due to record refinery run rates amid a glut of refined oil products.
2021/07/19 19:56
Chinese Refineries Shatter Records In June
Chinese Refineries Shatter Records In June
China’s refineries processed a record amount of crude oil last month, at 14.8 million bpd, up by 3.9 percent from May when run rates also broke records, Reuters reported, citing data from the national statistics bureau.
2021/07/16 10:02
OPEC Sees Global Oil Demand Exceeding 100 Million Bpd In 2022
OPEC Sees Global Oil Demand Exceeding 100 Million Bpd In 2022
World oil demand is expected to surpass the 100 million barrels per day (bpd) mark in the second half of 2022, thanks to solid economic growth and expectations of continued success in containing the pandemic, OPEC said on Thursday.
2021/07/16 09:59
Oil Slips On Prospect Of Rising OPEC+ Supply
Oil Slips On Prospect Of Rising OPEC+ Supply
Oil prices dropped early on Thursday as the market assesses the prospect of higher crude supply from the OPEC+ group after a reported compromise between key OPEC members Saudi Arabia and the United Arab Emirates (UAE).
2021/07/16 09:57
Goldman Bullish On Oil Despite Saudi-UAE Agreement
Goldman Bullish On Oil Despite Saudi-UAE Agreement
Goldman Sachs has reiterated its $80 price forecast for Brent crude despite reports that Saudi Arabia and the United Arab Emirates had reached a deal on oil production that will extend the OPEC+ deal until the end of next year.
2021/07/16 09:51
Oil Stabilizes After Saudi-UAE Compromise Removes Major Uncertainty
Oil Stabilizes After Saudi-UAE Compromise Removes Major Uncertainty
Oil prices steadied on Wednesday morning before the EIA inventory report after a reported compromise between Saudi Arabia and the UAE over baseline production levels removed a major uncertainty that was hanging over the market.
2021/07/15 19:56
EIA Inventory Report Sends Oil Prices Higher
EIA Inventory Report Sends Oil Prices Higher
Crude oil prices inched higher today after the Energy Information Administration reported a crude oil inventory draw of 7.9 million barrels for the week to July 9.
2021/07/15 19:54
Kuwait Looks At Huge Wealth Fund To Move Beyond Oil
Kuwait Looks At Huge Wealth Fund To Move Beyond Oil
Kuwait’s life-after-oil fund may have become one of the world’s biggest sovereign wealth funds thanks to the country’s healthy oil industry, as it continues to prepare for a life after oil as it invests heavily in the sector while it still can. The Future Generations Fund, managed by the Kuwait Investment Authority or KIA, is thought to be worth around $700 billion at present, according to sources in the country, after closing at $670 billion at the end of the fiscal year in March, making it the world’s largest oil fund after those of Norway and China.
2021/07/15 19:47
The Refining Industry Is Struggling To Adapt To The Future
The Refining Industry Is Struggling To Adapt To The Future
The upstream oil and gas business is recovering from one of the worst slumps in recent memory as oil prices sit at around $75 per barrel and global demand rises.However, the downstream segment's suffering is set to linger—and not only in the short term. Lower refining margins and structural overcapacity are the near-term challenges ahead for the oil refining industry.
2021/07/14 17:02
Oil Has Become The Hottest Commodity On Wall Street
Oil Has Become The Hottest Commodity On Wall Street
Now, commodities are back with a vengeance, and nowhere is this vengeance clearer than in oil. Crude has become the hottest commodity for traders in the past few weeks as surging demand has topped all expectations, sparking a run on oil futures.
2021/07/14 16:44
Oil Suffers Double Whammy In Weakest Week Since March
Oil Suffers Double Whammy In Weakest Week Since March
Oil prices are likely to record their worst week since March under the double blow of additional OPEC supply coming to markets and unfavorable fuel inventory data from the United States.
Weak Fuel Demand Sends India’s Oil Imports To 9-Month Low
Weak Fuel Demand Sends India’s Oil Imports To 9-Month Low
Indian refiners imported in June 2021 the lowest volume of crude oil in nine months, as purchases slowed down in April and May when India imposed regional mobility restrictions to curb a resurgence in COVID cases, Reuters reported on Friday, quoting tanker data from trade sources.
China’s Opaque Oil Data Leaves Markets In The Dark
China’s Opaque Oil Data Leaves Markets In The Dark
China saw its first-half crude imports drop year over year for the first time in a first half in eight years, sparking concerns in the market that purchases from the world’s largest oil importer may not be too supportive for oil in the coming months. At the same time, Chinese fuel exports have been rising this past half-year due to record refinery run rates amid a glut of refined oil products.
Chinese Refineries Shatter Records In June
Chinese Refineries Shatter Records In June
China’s refineries processed a record amount of crude oil last month, at 14.8 million bpd, up by 3.9 percent from May when run rates also broke records, Reuters reported, citing data from the national statistics bureau.
OPEC Sees Global Oil Demand Exceeding 100 Million Bpd In 2022
OPEC Sees Global Oil Demand Exceeding 100 Million Bpd In 2022
World oil demand is expected to surpass the 100 million barrels per day (bpd) mark in the second half of 2022, thanks to solid economic growth and expectations of continued success in containing the pandemic, OPEC said on Thursday.
Oil Slips On Prospect Of Rising OPEC+ Supply
Oil Slips On Prospect Of Rising OPEC+ Supply
Oil prices dropped early on Thursday as the market assesses the prospect of higher crude supply from the OPEC+ group after a reported compromise between key OPEC members Saudi Arabia and the United Arab Emirates (UAE).
Goldman Bullish On Oil Despite Saudi-UAE Agreement
Goldman Bullish On Oil Despite Saudi-UAE Agreement
Goldman Sachs has reiterated its $80 price forecast for Brent crude despite reports that Saudi Arabia and the United Arab Emirates had reached a deal on oil production that will extend the OPEC+ deal until the end of next year.
Oil Stabilizes After Saudi-UAE Compromise Removes Major Uncertainty
Oil Stabilizes After Saudi-UAE Compromise Removes Major Uncertainty
Oil prices steadied on Wednesday morning before the EIA inventory report after a reported compromise between Saudi Arabia and the UAE over baseline production levels removed a major uncertainty that was hanging over the market.
EIA Inventory Report Sends Oil Prices Higher
EIA Inventory Report Sends Oil Prices Higher
Crude oil prices inched higher today after the Energy Information Administration reported a crude oil inventory draw of 7.9 million barrels for the week to July 9.
Kuwait Looks At Huge Wealth Fund To Move Beyond Oil
Kuwait Looks At Huge Wealth Fund To Move Beyond Oil
Kuwait’s life-after-oil fund may have become one of the world’s biggest sovereign wealth funds thanks to the country’s healthy oil industry, as it continues to prepare for a life after oil as it invests heavily in the sector while it still can. The Future Generations Fund, managed by the Kuwait Investment Authority or KIA, is thought to be worth around $700 billion at present, according to sources in the country, after closing at $670 billion at the end of the fiscal year in March, making it the world’s largest oil fund after those of Norway and China.
The Refining Industry Is Struggling To Adapt To The Future
The Refining Industry Is Struggling To Adapt To The Future
The upstream oil and gas business is recovering from one of the worst slumps in recent memory as oil prices sit at around $75 per barrel and global demand rises.However, the downstream segment's suffering is set to linger—and not only in the short term. Lower refining margins and structural overcapacity are the near-term challenges ahead for the oil refining industry.
Oil Has Become The Hottest Commodity On Wall Street
Oil Has Become The Hottest Commodity On Wall Street
Now, commodities are back with a vengeance, and nowhere is this vengeance clearer than in oil. Crude has become the hottest commodity for traders in the past few weeks as surging demand has topped all expectations, sparking a run on oil futures.

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