The Middle East Oil Bonanza Will Slow In 2023
The Middle East Oil Bonanza Will Slow In 2023
Slowing global oil demand growth next year, spiking food prices, and fears of recession in major oil-importing countries are set to slow economic growth in the Middle East.
2022/07/22 14:20
Russia and Saudi Arabia saw the largest production gains within the group of producers in June
Putin Calls Saudi Crown Prince To Discuss Oil Market, OPEC+
Putin and MBS discuss OPEC+ and oil markets in phone call.
Russia and Saudi Arabia saw the largest production gains within the group of producers in June.
The phone call is just the latest in a series of calls between Saudi Arabia and Russia.
2022/07/22 14:16
IEA Slashes Oil Forecast As Demand Destruction Looms Over The Market
IEA Slashes Oil Forecast As Demand Destruction Looms Over The Market
High fuel prices is beginning to weigh on consumption.
The IEA has slashed its demand forecast, revising down its estimates by 100,000 bpd.
“Higher prices and a deteriorating economic environment have started to take their toll on oil demand,” the agency said.
2022/07/14 17:18
Though oil prices are on the rise across the globe, China is seeing prices fall.
China Is Taking Advantage Of Western Sanctions On Russia
Though oil prices are on the rise across the globe, China is seeing prices fall.
Western sanctions against Russia have left Moscow willing to unload its crude at mind-bending discounts.
China is taking advantage of the current geopolitical climate, buying up as much Russian oil as it can.
2022/07/06 18:49
The G7 Has Paved The Way For Increased Oil And Gas Spending
The G7 Has Paved The Way For Increased Oil And Gas Spending
Underinvestment in oil and gas in the past few years is seen as one of the main reasons for the current imbalance between supply and demand.
G7 nations have acknowledged the need for increased investment in foreign gas projects.
Big oil CEOs are calling for stability and consistency in government policies in order to boost investment.
2022/06/30 18:47
Why Is The United States Still Exporting Fuel?
Why Is The United States Still Exporting Fuel?
The price of gasoline has climbed above $5 per gallon.
U.S. fuel exports have continued to rise, adding additional pressure on domestic fuel inventories.
“With refiners already running at full tilt, something has to give,” BloombergNEF analyst Danny Adkins told Bloomberg.
2022/06/22 16:03
4 Middle Eastern nations are currently building out their refining capacity.
4 Nations That Could Help Solve The Global Fuel Crisis
Middle Eastern refiners could be processing some 8.8 million bpd of crude next year.
4 Middle Eastern nations are currently building out their refining capacity.
This increase is roughly equal to the amount of Russian fuels the European Union has embargoed.
2022/06/22 15:12
5 Midstream Oil Stocks With Perfect Exposure To Soaring Oil Prices
5 Midstream Oil Stocks With Perfect Exposure To Soaring Oil Prices
​After a brief hiatus, the oil price rally is back on track. Crude oil closed with its seventh straight weekly gain thanks to tight fuel supplies sustaining bullish sentiment. After a brief fall on Friday following news that U.S. inflation surged to a fresh 40-year high, WTI crude rebounded to end the week with a 1.5% gain to trade at $122.40/barrel, while Brent crude settled 1.9% higher at $124.03.
2022/06/14 19:39
Russian Oil Production May Fall To 18-Year Low On EU Oil Embargo
Russian Oil Production May Fall To 18-Year Low On EU Oil Embargo
WSJ: full oil embargo could send Russian production to 9.6 million bpd.
IEA estimates that Russia already shut in nearly 1 million bpd in April.
Russian Finance Minister Siluanov. production could drop by 17 percent this year due to the sanctions.
2022/05/14 11:38
PetroChina: "With the improvement of the COVID situation, refined product inventory is now showing a downturn,".
PetroChina Sees Fuel Demand Rising In China Despite COVID
China's biggest refiner sees growing fuel demand in China.
China manufacturing PMI, a barometer for Chinese oil demand, has come in at 47.4 in April’s official data.
PetroChina: "With the improvement of the COVID situation, refined product inventory is now showing a downturn,".
2022/05/09 17:49
OPEC Stays Silent As EU Rushes To Ban Russian Oil
OPEC+ concludes Ministerial meeting with very small additional production increase.
OPEC leaves EU ban of Russian crude undiscussed.
EU sanction drive against Russia has proved to be a boon for OPEC producers.
OPEC is unlikely to materially increase production as EU looks for alternative suppliers.
2022/05/09 14:05
Chinese COVID-19 lockdowns will be a much bigger threat to regional demand in Asia than initially assumed.
Middle East Producers Eager To Hike Prices As Russian Oil Ban Looms
Chinese COVID-19 lockdowns will be a much bigger threat to regional demand in Asia than initially assumed.
Looming EU-ban on Russian crude may further improve demand for Middle East crude grades.
Middle East producers continue to hike prices, but not as aggressively as anticipated.
2022/04/21 20:58
The Middle East Oil Bonanza Will Slow In 2023
The Middle East Oil Bonanza Will Slow In 2023
Slowing global oil demand growth next year, spiking food prices, and fears of recession in major oil-importing countries are set to slow economic growth in the Middle East.
Russia and Saudi Arabia saw the largest production gains within the group of producers in June
Putin Calls Saudi Crown Prince To Discuss Oil Market, OPEC+
Putin and MBS discuss OPEC+ and oil markets in phone call.
Russia and Saudi Arabia saw the largest production gains within the group of producers in June.
The phone call is just the latest in a series of calls between Saudi Arabia and Russia.
IEA Slashes Oil Forecast As Demand Destruction Looms Over The Market
IEA Slashes Oil Forecast As Demand Destruction Looms Over The Market
High fuel prices is beginning to weigh on consumption.
The IEA has slashed its demand forecast, revising down its estimates by 100,000 bpd.
“Higher prices and a deteriorating economic environment have started to take their toll on oil demand,” the agency said.
Though oil prices are on the rise across the globe, China is seeing prices fall.
China Is Taking Advantage Of Western Sanctions On Russia
Though oil prices are on the rise across the globe, China is seeing prices fall.
Western sanctions against Russia have left Moscow willing to unload its crude at mind-bending discounts.
China is taking advantage of the current geopolitical climate, buying up as much Russian oil as it can.
The G7 Has Paved The Way For Increased Oil And Gas Spending
The G7 Has Paved The Way For Increased Oil And Gas Spending
Underinvestment in oil and gas in the past few years is seen as one of the main reasons for the current imbalance between supply and demand.
G7 nations have acknowledged the need for increased investment in foreign gas projects.
Big oil CEOs are calling for stability and consistency in government policies in order to boost investment.
Why Is The United States Still Exporting Fuel?
Why Is The United States Still Exporting Fuel?
The price of gasoline has climbed above $5 per gallon.
U.S. fuel exports have continued to rise, adding additional pressure on domestic fuel inventories.
“With refiners already running at full tilt, something has to give,” BloombergNEF analyst Danny Adkins told Bloomberg.
4 Middle Eastern nations are currently building out their refining capacity.
4 Nations That Could Help Solve The Global Fuel Crisis
Middle Eastern refiners could be processing some 8.8 million bpd of crude next year.
4 Middle Eastern nations are currently building out their refining capacity.
This increase is roughly equal to the amount of Russian fuels the European Union has embargoed.
5 Midstream Oil Stocks With Perfect Exposure To Soaring Oil Prices
5 Midstream Oil Stocks With Perfect Exposure To Soaring Oil Prices
​After a brief hiatus, the oil price rally is back on track. Crude oil closed with its seventh straight weekly gain thanks to tight fuel supplies sustaining bullish sentiment. After a brief fall on Friday following news that U.S. inflation surged to a fresh 40-year high, WTI crude rebounded to end the week with a 1.5% gain to trade at $122.40/barrel, while Brent crude settled 1.9% higher at $124.03.
Russian Oil Production May Fall To 18-Year Low On EU Oil Embargo
Russian Oil Production May Fall To 18-Year Low On EU Oil Embargo
WSJ: full oil embargo could send Russian production to 9.6 million bpd.
IEA estimates that Russia already shut in nearly 1 million bpd in April.
Russian Finance Minister Siluanov. production could drop by 17 percent this year due to the sanctions.
PetroChina: "With the improvement of the COVID situation, refined product inventory is now showing a downturn,".
PetroChina Sees Fuel Demand Rising In China Despite COVID
China's biggest refiner sees growing fuel demand in China.
China manufacturing PMI, a barometer for Chinese oil demand, has come in at 47.4 in April’s official data.
PetroChina: "With the improvement of the COVID situation, refined product inventory is now showing a downturn,".
OPEC Stays Silent As EU Rushes To Ban Russian Oil
OPEC+ concludes Ministerial meeting with very small additional production increase.
OPEC leaves EU ban of Russian crude undiscussed.
EU sanction drive against Russia has proved to be a boon for OPEC producers.
OPEC is unlikely to materially increase production as EU looks for alternative suppliers.
Chinese COVID-19 lockdowns will be a much bigger threat to regional demand in Asia than initially assumed.
Middle East Producers Eager To Hike Prices As Russian Oil Ban Looms
Chinese COVID-19 lockdowns will be a much bigger threat to regional demand in Asia than initially assumed.
Looming EU-ban on Russian crude may further improve demand for Middle East crude grades.
Middle East producers continue to hike prices, but not as aggressively as anticipated.

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