BofA Says Oil May Hit $100 Next Year
BofA Says Oil May Hit $100 Next Year
Oil may surge to $100 a barrel next year as travel demand rebounds, Bank of America Corp. said, the strongest call yet among major forecasters for a return to triple digits.
2021/06/22 10:04
FORCED GAS LIFTING OIL PRODUCTION SYSTEM
1 billion-ton ultra-deep oil and gas province discovered in Tarim Oilfield
The reporter learned from the Tarim Oilfield Branch of China National Petroleum Corporation on the 20th: The Tarim Oilfield has drilled 56 100-ton wells in the Fuman Oilfield, and found out the geological laws of the oil and gas reservoirs in the Fuman region, and found a 1 billion tons. This is the largest oil exploration discovery in the Tarim Oilfield Basin in the past 10 years.
2021/06/21 09:40
Oil Prices Fall As The Fed Changes Its Tune
Oil Prices Fall As The Fed Changes Its Tune
Oil prices sank on Thursday as the Fed’s hawkish comments sent the dollar higher.

Crude oil is down more than 1% on Thursday afternoon, with WTI falling 1.32% at $71.20 per barrel, and Brent down 1.57% to $73.22. Both prices are still up on the week, but down nearly $2 from Wednesday highs.
2021/06/18 17:40
Russian Drillers Rejoice As Oil Continues To Rally
Russian Drillers Rejoice As Oil Continues To Rally
Russia’s oil and gas industry has been the driving force behind its economy ever since the first oil fields were discovered in Tsarist Russia at the end of the 19th century at the shores of the Caspian. In the 21st century, the Russian economy remains highly dependent on the production of oil and gas. Therefore, the rosy outlook of the fossil fuel industry is good news for Moscow and its political ambitions.
2021/06/18 17:34
suck rod pump
The Renewable Boom Has Barely Impacted Oil & Gas
A decade ago, fossil fuels accounted for just over 80 percent of final energy consumption in the world. During the last ten years, renewable energy has boomed, and installations continue to soar to record highs. But oil, gas, and coal still represent over 80 percent of final energy consumption, despite the rising share of renewable energy in the world’s total energy consumption.
2021/06/18 17:30
Oil Supply Crisis
It’s Too Late To Avoid A Major Oil Supply Crisis
There are a number of observable trends in oil supplies and by extension prices, presently. I am going to discuss one of them in this article. A lack of capital investment in finding new supplies of oil and gas. A favorite analogy of mine comes to mind, the ship is nearing the dock. In nautical parlance that means the time for course corrections is at an end. So we shall see if that is the case for oil. The massive "ship" that is world oil demand is on an unalterable collision with supplies that will have profound implications for consumers. This key metric reveals what the future is likely to hold for our energy security as the world continues to recover from the virus to those who will listen. The level of drilling and by extension capital investment is insufficient and has been for a number of years to sustain oil production at current levels. It's no secret that even with the lower break-even costs for new projects thanks to cost-cutting by the industry the last few years, oil extraction is a capital-intensive business. The chart below from WoodMac, an energy consultancy, shows just how severe the decline in capex has been.
2021/06/18 17:23
The Best Oil Stocks As Prices Rebound
The Best Oil Stocks As Prices Rebound
Oil prices rallied to their highest levels two and a half years after OPEC+ recently agreed to extend its historic production cuts. On Friday, WTI was trading at $70.91 per barrel while Brent crude was changing hands at $72.69. levels they last touched in 2018. By Wednesday morning WTI was trading above $72 and Brent had climbed above $74. Beginning on May 1, OPEC cut production by 9.7 million barrels per day, with the cuts scheduled to start declining beginning July 1. OPEC+ now says July's production cut will be 9.6 million bpd after Mexico said it remains committed to the group's prior agreement. Consequently, oil inventories that had built up in the middle of last year due to oversupply amid weak demand due to the pandemic now appear to be on pace to fall below historical averages as early as next month. Meanwhile, U.S. supply remains subdued as companies have held back production to conserve cash. OPEC+ is optimistic that shale production won't disrupt the delicate balance it has worked to establish for at least two years.
2021/06/17 14:04
U.S. Oil Prices Hit 32-Month High On Rising Global Demand
U.S. Oil Prices Hit 32-Month High On Rising Global Demand
2021/06/16 18:15
The UAE Is Poised To Become The Next Middle East Energy Giant
The UAE Is Poised To Become The Next Middle East Energy Giant
Saudi Arabia is synonymous with oil, the EU is obsessed with renewable energy, and the U.S. is the world's leading natural gas producer, but there are few countries pursuing all three of these energy sources with as much vigor as the UAE.
2021/06/15 18:29
Two Top Commodity Traders Bet Big On The Future Of Oil
Two Top Commodity Traders Bet Big On The Future Of Oil
Two commodity trading giants are betting big on a Russian oil project in a rare move that could make or break the oil traders’ fates - and oil market observers should be paying close attention. When commodity trading major Trafigura bought a 10-percent stake in Rosneft’s Vostok Oil project, oil prices were trading below $50 per barrel. There were also forecasts that oil demand may never recover to pre-pandemic levels and that oil, in general, was on its way out.
2021/06/15 18:24
Middle East Oil Prices Rise As Global Demand Recovers
Middle East Oil Prices Rise As Global Demand Recovers
2021/06/15 18:17
NNPC: Lack Of Investment Could Push Oil To $200
NNPC: Lack Of Investment Could Push Oil To $200
Crude oil prices could rise to $200 per barrel as international oil companies curb their investments in new exploration and production, the Nigerian National Oil Corporation said this week.
2021/06/11 10:34
BofA Says Oil May Hit $100 Next Year
BofA Says Oil May Hit $100 Next Year
Oil may surge to $100 a barrel next year as travel demand rebounds, Bank of America Corp. said, the strongest call yet among major forecasters for a return to triple digits.
FORCED GAS LIFTING OIL PRODUCTION SYSTEM
1 billion-ton ultra-deep oil and gas province discovered in Tarim Oilfield
The reporter learned from the Tarim Oilfield Branch of China National Petroleum Corporation on the 20th: The Tarim Oilfield has drilled 56 100-ton wells in the Fuman Oilfield, and found out the geological laws of the oil and gas reservoirs in the Fuman region, and found a 1 billion tons. This is the largest oil exploration discovery in the Tarim Oilfield Basin in the past 10 years.
Oil Prices Fall As The Fed Changes Its Tune
Oil Prices Fall As The Fed Changes Its Tune
Oil prices sank on Thursday as the Fed’s hawkish comments sent the dollar higher.

Crude oil is down more than 1% on Thursday afternoon, with WTI falling 1.32% at $71.20 per barrel, and Brent down 1.57% to $73.22. Both prices are still up on the week, but down nearly $2 from Wednesday highs.
Russian Drillers Rejoice As Oil Continues To Rally
Russian Drillers Rejoice As Oil Continues To Rally
Russia’s oil and gas industry has been the driving force behind its economy ever since the first oil fields were discovered in Tsarist Russia at the end of the 19th century at the shores of the Caspian. In the 21st century, the Russian economy remains highly dependent on the production of oil and gas. Therefore, the rosy outlook of the fossil fuel industry is good news for Moscow and its political ambitions.
suck rod pump
The Renewable Boom Has Barely Impacted Oil & Gas
A decade ago, fossil fuels accounted for just over 80 percent of final energy consumption in the world. During the last ten years, renewable energy has boomed, and installations continue to soar to record highs. But oil, gas, and coal still represent over 80 percent of final energy consumption, despite the rising share of renewable energy in the world’s total energy consumption.
Oil Supply Crisis
It’s Too Late To Avoid A Major Oil Supply Crisis
There are a number of observable trends in oil supplies and by extension prices, presently. I am going to discuss one of them in this article. A lack of capital investment in finding new supplies of oil and gas. A favorite analogy of mine comes to mind, the ship is nearing the dock. In nautical parlance that means the time for course corrections is at an end. So we shall see if that is the case for oil. The massive "ship" that is world oil demand is on an unalterable collision with supplies that will have profound implications for consumers. This key metric reveals what the future is likely to hold for our energy security as the world continues to recover from the virus to those who will listen. The level of drilling and by extension capital investment is insufficient and has been for a number of years to sustain oil production at current levels. It's no secret that even with the lower break-even costs for new projects thanks to cost-cutting by the industry the last few years, oil extraction is a capital-intensive business. The chart below from WoodMac, an energy consultancy, shows just how severe the decline in capex has been.
The Best Oil Stocks As Prices Rebound
The Best Oil Stocks As Prices Rebound
Oil prices rallied to their highest levels two and a half years after OPEC+ recently agreed to extend its historic production cuts. On Friday, WTI was trading at $70.91 per barrel while Brent crude was changing hands at $72.69. levels they last touched in 2018. By Wednesday morning WTI was trading above $72 and Brent had climbed above $74. Beginning on May 1, OPEC cut production by 9.7 million barrels per day, with the cuts scheduled to start declining beginning July 1. OPEC+ now says July's production cut will be 9.6 million bpd after Mexico said it remains committed to the group's prior agreement. Consequently, oil inventories that had built up in the middle of last year due to oversupply amid weak demand due to the pandemic now appear to be on pace to fall below historical averages as early as next month. Meanwhile, U.S. supply remains subdued as companies have held back production to conserve cash. OPEC+ is optimistic that shale production won't disrupt the delicate balance it has worked to establish for at least two years.
U.S. Oil Prices Hit 32-Month High On Rising Global Demand
U.S. Oil Prices Hit 32-Month High On Rising Global Demand
The UAE Is Poised To Become The Next Middle East Energy Giant
The UAE Is Poised To Become The Next Middle East Energy Giant
Saudi Arabia is synonymous with oil, the EU is obsessed with renewable energy, and the U.S. is the world's leading natural gas producer, but there are few countries pursuing all three of these energy sources with as much vigor as the UAE.
Two Top Commodity Traders Bet Big On The Future Of Oil
Two Top Commodity Traders Bet Big On The Future Of Oil
Two commodity trading giants are betting big on a Russian oil project in a rare move that could make or break the oil traders’ fates - and oil market observers should be paying close attention. When commodity trading major Trafigura bought a 10-percent stake in Rosneft’s Vostok Oil project, oil prices were trading below $50 per barrel. There were also forecasts that oil demand may never recover to pre-pandemic levels and that oil, in general, was on its way out.
Middle East Oil Prices Rise As Global Demand Recovers
Middle East Oil Prices Rise As Global Demand Recovers
NNPC: Lack Of Investment Could Push Oil To $200
NNPC: Lack Of Investment Could Push Oil To $200
Crude oil prices could rise to $200 per barrel as international oil companies curb their investments in new exploration and production, the Nigerian National Oil Corporation said this week.

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