A Scorching Hot Middle East Summer Could Send Oil Prices Soaring
A Scorching Hot Middle East Summer Could Send Oil Prices Soaring
Economies reopening after lockdowns and a consequent surge in travel have pushed crude oil prices to levels last seen years ago. Now, something else can push them even higher: the weather.
2021/06/11 09:37
Oil Prices Fall Following Large Fuel Inventory Build
Oil Prices Fall Following Large Fuel Inventory Build
Crude oil prices fell slightly today after the Energy Information Administration reported an inventory decline of 5.2 million barrels for the week to June 4.
2021/06/10 14:36
Libya’s Oil Production Drops By 200,000 Bpd
Libya’s Oil Production Drops By 200,000 Bpd
Libya’s crude oil production has declined by more than 200,000 barrels per day (bpd) in recent days, or by almost 20 percent, on the back of pipeline leaks and maintenance at the biggest oilfield, Bloomberg reported on Wednesday, quoting sources familiar with the situation.
2021/06/10 14:27
Canada’s Oil Industry Optimistic As Prices Rebound
Canada’s Oil Industry Optimistic As Prices Rebound
Canada’s oil and gas sector is growing increasingly optimistic about its near-term future as economies recover and oil prices rally. Yet, the industry faces growing challenges in the medium and long term, mainly in the form of the neverending battle over pipeline takeaway capacity and the environmental and activist shareholder urgency to hold the oil industry accountable for climate change. With the U.S. benchmark WTI price rallying this year, Canada’s largest oil companies expect stronger cash flow generation, which would go toward reducing debts and boosting shareholder returns. A year after the pandemic forced operators to curtail oil production, output in the main oil-producing province of Alberta has recovered to pre-crisis levels.
2021/06/10 11:37
Is This The Beginning Of The End For Oil Super Majors?
Is This The Beginning Of The End For Oil Super Majors?
Energy-oriented investors could not fail to have taken note of the decision that came down in the Dutch court against Shell, (NYSE:RDS.A), (NYSE:RDS.B), last week. This decision was the first time an energy giant had been held liable for emissions not directly tied to its internal activities. Basically it requires Shell to accelerate its planned carbon intensity reductions by 45% to include "Scope-3 emissions" by 2030. Some twenty years sooner than the time frame to which it has already committed publicly.
2021/06/09 17:52
The Age Of Oil Isn’t Over
The Age Of Oil Isn’t Over
Growing demand in Asia means that the age of oil isn’t over yet, although consumption in developed western economies has trended lower over the past decade, according to Karin Kneissl, a newly appointed director on the board of Russia’s oil giant Rosneft.
2021/06/08 17:09
China’s Efforts To Curb Oil Prices Are Futile
China’s Efforts To Curb Oil Prices Are Futile
Crude oil imports into China dropped by almost 15 percent annually last month. While substantial, the drop is no reason for worry because it was caused by refinery maintenance season. What could be a reason for worry are rising benchmark prices.
2021/06/08 17:01
WTI Price Breaks $70 For First Time Since 2018
WTI Price Breaks $70 For First Time Since 2018
West Texas Intermediate hit the highest since 2018 at the end of last week amid an increasingly favorable demand outlook.
2021/06/08 16:58
Blackrock: Investors Cannot ‘’Run Away’’ From Oil Industry
Blackrock: Investors Cannot ‘’Run Away’’ From Oil Industry
BlackRock, the world’s largest asset manager, will continue to work with oil and gas firms in order to help them through the energy transition, Reuters quoted chief executive Larry Fink as saying on Thursday.
2021/06/04 17:13
Climate Activism Is Great News For Saudi Arabia And Russia
Climate Activism Is Great News For Saudi Arabia And Russia
Big Oil has lately come under a plethora of attacks from all directions, ranging from uncooperative financiers and investors amidst a global shift to renewable energy to hostile governments and hardline climate activists. But not all oil and gas players will be on the losing end of those attacks.
2021/06/04 16:30
Oil Rises On OPEC Optimism
Oil Rises On OPEC Optimism
Crude oil prices strengthened further this week after OPEC+ signaled its growing optimism about the balance between demand and supply, and confirmed that it planned to continue increasing production.
2021/06/03 18:11
IEA Backpedals, Says Oil Demand Will Soon Reach Pre-Crisis Levels
IEA Backpedals, Says Oil Demand Will Soon Reach Pre-Crisis Levels
Oil demand is recovering faster than previously expected, and unless OPEC+ puts additional barrels on the market on top of the plans to restore 2 million barrels per day (bpd) by July, oil prices will be heading higher as the gap will widen, the Executive Director of the International Energy Agency, Fatih Birol, told Bloomberg Television in an interview on Tuesday.
2021/06/02 13:59
A Scorching Hot Middle East Summer Could Send Oil Prices Soaring
A Scorching Hot Middle East Summer Could Send Oil Prices Soaring
Economies reopening after lockdowns and a consequent surge in travel have pushed crude oil prices to levels last seen years ago. Now, something else can push them even higher: the weather.
Oil Prices Fall Following Large Fuel Inventory Build
Oil Prices Fall Following Large Fuel Inventory Build
Crude oil prices fell slightly today after the Energy Information Administration reported an inventory decline of 5.2 million barrels for the week to June 4.
Libya’s Oil Production Drops By 200,000 Bpd
Libya’s Oil Production Drops By 200,000 Bpd
Libya’s crude oil production has declined by more than 200,000 barrels per day (bpd) in recent days, or by almost 20 percent, on the back of pipeline leaks and maintenance at the biggest oilfield, Bloomberg reported on Wednesday, quoting sources familiar with the situation.
Canada’s Oil Industry Optimistic As Prices Rebound
Canada’s Oil Industry Optimistic As Prices Rebound
Canada’s oil and gas sector is growing increasingly optimistic about its near-term future as economies recover and oil prices rally. Yet, the industry faces growing challenges in the medium and long term, mainly in the form of the neverending battle over pipeline takeaway capacity and the environmental and activist shareholder urgency to hold the oil industry accountable for climate change. With the U.S. benchmark WTI price rallying this year, Canada’s largest oil companies expect stronger cash flow generation, which would go toward reducing debts and boosting shareholder returns. A year after the pandemic forced operators to curtail oil production, output in the main oil-producing province of Alberta has recovered to pre-crisis levels.
Is This The Beginning Of The End For Oil Super Majors?
Is This The Beginning Of The End For Oil Super Majors?
Energy-oriented investors could not fail to have taken note of the decision that came down in the Dutch court against Shell, (NYSE:RDS.A), (NYSE:RDS.B), last week. This decision was the first time an energy giant had been held liable for emissions not directly tied to its internal activities. Basically it requires Shell to accelerate its planned carbon intensity reductions by 45% to include "Scope-3 emissions" by 2030. Some twenty years sooner than the time frame to which it has already committed publicly.
The Age Of Oil Isn’t Over
The Age Of Oil Isn’t Over
Growing demand in Asia means that the age of oil isn’t over yet, although consumption in developed western economies has trended lower over the past decade, according to Karin Kneissl, a newly appointed director on the board of Russia’s oil giant Rosneft.
China’s Efforts To Curb Oil Prices Are Futile
China’s Efforts To Curb Oil Prices Are Futile
Crude oil imports into China dropped by almost 15 percent annually last month. While substantial, the drop is no reason for worry because it was caused by refinery maintenance season. What could be a reason for worry are rising benchmark prices.
WTI Price Breaks $70 For First Time Since 2018
WTI Price Breaks $70 For First Time Since 2018
West Texas Intermediate hit the highest since 2018 at the end of last week amid an increasingly favorable demand outlook.
Blackrock: Investors Cannot ‘’Run Away’’ From Oil Industry
Blackrock: Investors Cannot ‘’Run Away’’ From Oil Industry
BlackRock, the world’s largest asset manager, will continue to work with oil and gas firms in order to help them through the energy transition, Reuters quoted chief executive Larry Fink as saying on Thursday.
Climate Activism Is Great News For Saudi Arabia And Russia
Climate Activism Is Great News For Saudi Arabia And Russia
Big Oil has lately come under a plethora of attacks from all directions, ranging from uncooperative financiers and investors amidst a global shift to renewable energy to hostile governments and hardline climate activists. But not all oil and gas players will be on the losing end of those attacks.
Oil Rises On OPEC Optimism
Oil Rises On OPEC Optimism
Crude oil prices strengthened further this week after OPEC+ signaled its growing optimism about the balance between demand and supply, and confirmed that it planned to continue increasing production.
IEA Backpedals, Says Oil Demand Will Soon Reach Pre-Crisis Levels
IEA Backpedals, Says Oil Demand Will Soon Reach Pre-Crisis Levels
Oil demand is recovering faster than previously expected, and unless OPEC+ puts additional barrels on the market on top of the plans to restore 2 million barrels per day (bpd) by July, oil prices will be heading higher as the gap will widen, the Executive Director of the International Energy Agency, Fatih Birol, told Bloomberg Television in an interview on Tuesday.

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