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
Rapid Energy Transition Could Doom Oil Exporting Countries
Rapid Energy Transition Could Doom Oil Exporting Countries
It’s a tough time being in the oil and gas business. 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.
2021/06/02 11:55
Iran Claims Its Oil Production Could Jump To 6.5 Million Bpd
Iran Claims Its Oil Production Could Jump To 6.5 Million Bpd
Iran can boost its crude oil production to as much as 6.5 million barrels per day (bpd) when the U.S. sanctions on its oil industry are lifted, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Monday.
2021/06/01 08:49
The Oil ETFs To Watch If The Iran Deal Crumbles
The Oil ETFs To Watch If The Iran Deal Crumbles
Back in April, we discussed the possibility of president Biden's administration reviving the 2015 nuclear deal with Iran and consequently lifting the country's oil sanctions. We surmised that whereas Iran rejoining the ranks of major oil exporters as early as 2021 after a three-year layoff was likely to cause quite a bit of trepidation in the jittery markets, such a move would not necessarily upset the delicate supply balance that OPEC+ has been trying to achieve.
2021/06/01 08:41
OPEC Could Win Big As Supermajors Fend Off Environmentalists
OPEC Could Win Big As Supermajors Fend Off Environmentalists
Environmentalists and shareholders concerned about the risks of investing in oil in the energy transition were not the only winners of last week’s historic rebukeof Big Oil by investors and society.
2021/06/01 08:35
BlackRock: BP should pass shareholder resolutions as soon as possible to reduce carbon emissions
BlackRock: BP should pass shareholder resolutions as soon as possible to reduce carbon emissions
BlackRock does not approve of the requirements of the BP board of directors and hopes that the company can adopt shareholder resolutions on environmental protection in a deeper and faster manner.
2021/05/29 13:46
Africa’s Oil Nations Will Be Doomed If Exploration Is Halted
Africa’s Oil Nations Will Be Doomed If Exploration Is Halted
The IEA’s shocking call for no new oil and gas exploration on the path to net-zero emissions doesn’t necessarily follow that demand through to its logical end game. A line-up of countries would descend into chaos, creating global instability that would itself threaten the climate by hindering a natural energy transition.
2021/05/28 08:52
Iranian Pipeline To Make First Shipment In June
Sanctions-busting Iranian Pipeline To Make First Shipment In June
Iran’s Goreh-Jask oil pipeline is due to ship its first crude oil in June, with all construction having finished last week. This pipeline will enable Iran to transport huge quantities of oil from its major oil fields via Goreh in the Shoaybiyeh-ye Gharbi Rural District of Khuzestan Province 1100 kilometres to the port of Jask in Hormozgan province on the Gulf of Oman.
2021/05/27 10:53
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.
Rapid Energy Transition Could Doom Oil Exporting Countries
Rapid Energy Transition Could Doom Oil Exporting Countries
It’s a tough time being in the oil and gas business. 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.
Iran Claims Its Oil Production Could Jump To 6.5 Million Bpd
Iran Claims Its Oil Production Could Jump To 6.5 Million Bpd
Iran can boost its crude oil production to as much as 6.5 million barrels per day (bpd) when the U.S. sanctions on its oil industry are lifted, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Monday.
The Oil ETFs To Watch If The Iran Deal Crumbles
The Oil ETFs To Watch If The Iran Deal Crumbles
Back in April, we discussed the possibility of president Biden's administration reviving the 2015 nuclear deal with Iran and consequently lifting the country's oil sanctions. We surmised that whereas Iran rejoining the ranks of major oil exporters as early as 2021 after a three-year layoff was likely to cause quite a bit of trepidation in the jittery markets, such a move would not necessarily upset the delicate supply balance that OPEC+ has been trying to achieve.
OPEC Could Win Big As Supermajors Fend Off Environmentalists
OPEC Could Win Big As Supermajors Fend Off Environmentalists
Environmentalists and shareholders concerned about the risks of investing in oil in the energy transition were not the only winners of last week’s historic rebukeof Big Oil by investors and society.
BlackRock: BP should pass shareholder resolutions as soon as possible to reduce carbon emissions
BlackRock: BP should pass shareholder resolutions as soon as possible to reduce carbon emissions
BlackRock does not approve of the requirements of the BP board of directors and hopes that the company can adopt shareholder resolutions on environmental protection in a deeper and faster manner.
Africa’s Oil Nations Will Be Doomed If Exploration Is Halted
Africa’s Oil Nations Will Be Doomed If Exploration Is Halted
The IEA’s shocking call for no new oil and gas exploration on the path to net-zero emissions doesn’t necessarily follow that demand through to its logical end game. A line-up of countries would descend into chaos, creating global instability that would itself threaten the climate by hindering a natural energy transition.
Iranian Pipeline To Make First Shipment In June
Sanctions-busting Iranian Pipeline To Make First Shipment In June
Iran’s Goreh-Jask oil pipeline is due to ship its first crude oil in June, with all construction having finished last week. This pipeline will enable Iran to transport huge quantities of oil from its major oil fields via Goreh in the Shoaybiyeh-ye Gharbi Rural District of Khuzestan Province 1100 kilometres to the port of Jask in Hormozgan province on the Gulf of Oman.

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