Oil Climbs Higher On Bullish EIA Data
Oil Climbs Higher On Bullish EIA Data
Oil prices jumped further today after the Energy Information Administration reported a crude oil inventory draw of 7.6 million barrels for the week to June 18.
2021/06/24 10:21
Will Canada’s Oil Sands Survive The Green Revolution?
“Canadian oil industry’s carbon emissions are among the world’s highest for every barrel of oil it pumps,” Reuters reported this week. A typical barrel of oil derived from the thick crude bitumen that naturally occurs in the Albertan oil sands (an energy-intensive process) emits three to five times more greenhouse gas emissions than the global average.
2021/06/24 10:08
Oil Prices Hit Multi-Year High Following Iranian Elections
Oil Prices Hit Multi-Year High Following Iranian Elections
Crude oil prices clambered upward on Monday afternoon as the market feared that Iran nuclear talks may be stalled after hardliner Ebrahim Raisi won the Iranian presidential election.
2021/06/23 14:20
Can The Middle East Survive Without Oil?
Can The Middle East Survive Without Oil?
Gulf oil producers are finding it difficult to diversify their economies away from their biggest export revenue contributor, and it may take them at least a decade to make any progress on this. This is what Moody’s forecast in a recent report, as quoted by Reuters, noting that this reliance on oil revenues would be the “key credit constraint” for the six members of the Gulf Cooperation Council: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
2021/06/23 14:10
How Much Oil Can Saudi Arabia Really Produce?
How Much Oil Can Saudi Arabia Really Produce?
For decades, the true numbers relating to Saudi Arabia’s level of crude oil reserves and production have been a subject of much debate and confusion, not helped by the obfuscation from the Saudis over precisely what these numbers are. The reason for obfuscation is that Saudi Arabia’s only source of real power in the world begins and ends with its oil reserves and production, so the higher these numbers, the more the power, and the lower the number the less the power.
2021/06/23 12:01
China Reports Major Oil And Gas Find At Record Depths
China Reports Major Oil And Gas Find At Record Depths
China National Petroleum Corporation has made an oil and gas discovery with reserves estimated at 900 million tons, Chinese media reported.

The discovery was made after six years of exploration work in the Tarim Basin in the Xinjiang Uygur Autonomous Region, northwestern China. The geology of the formation is challenging, the report said, requiring ultra-deep drilling, at a record 8,470 meters.
2021/06/22 10:52
Oil Prices Surge Amid Supply Decline Expectations
Oil jumped by the most in a month amid a weaker dollar and as key timespreads surged with expectations for further supply declines at the biggest storage hub in the U.S.
2021/06/22 10:11
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 Climbs Higher On Bullish EIA Data
Oil Climbs Higher On Bullish EIA Data
Oil prices jumped further today after the Energy Information Administration reported a crude oil inventory draw of 7.6 million barrels for the week to June 18.
Will Canada’s Oil Sands Survive The Green Revolution?
“Canadian oil industry’s carbon emissions are among the world’s highest for every barrel of oil it pumps,” Reuters reported this week. A typical barrel of oil derived from the thick crude bitumen that naturally occurs in the Albertan oil sands (an energy-intensive process) emits three to five times more greenhouse gas emissions than the global average.
Oil Prices Hit Multi-Year High Following Iranian Elections
Oil Prices Hit Multi-Year High Following Iranian Elections
Crude oil prices clambered upward on Monday afternoon as the market feared that Iran nuclear talks may be stalled after hardliner Ebrahim Raisi won the Iranian presidential election.
Can The Middle East Survive Without Oil?
Can The Middle East Survive Without Oil?
Gulf oil producers are finding it difficult to diversify their economies away from their biggest export revenue contributor, and it may take them at least a decade to make any progress on this. This is what Moody’s forecast in a recent report, as quoted by Reuters, noting that this reliance on oil revenues would be the “key credit constraint” for the six members of the Gulf Cooperation Council: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
How Much Oil Can Saudi Arabia Really Produce?
How Much Oil Can Saudi Arabia Really Produce?
For decades, the true numbers relating to Saudi Arabia’s level of crude oil reserves and production have been a subject of much debate and confusion, not helped by the obfuscation from the Saudis over precisely what these numbers are. The reason for obfuscation is that Saudi Arabia’s only source of real power in the world begins and ends with its oil reserves and production, so the higher these numbers, the more the power, and the lower the number the less the power.
China Reports Major Oil And Gas Find At Record Depths
China Reports Major Oil And Gas Find At Record Depths
China National Petroleum Corporation has made an oil and gas discovery with reserves estimated at 900 million tons, Chinese media reported.

The discovery was made after six years of exploration work in the Tarim Basin in the Xinjiang Uygur Autonomous Region, northwestern China. The geology of the formation is challenging, the report said, requiring ultra-deep drilling, at a record 8,470 meters.
Oil Prices Surge Amid Supply Decline Expectations
Oil jumped by the most in a month amid a weaker dollar and as key timespreads surged with expectations for further supply declines at the biggest storage hub in the U.S.
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.

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