Oil Rebounds On Surprise Crude Inventory Draw
Oil Rebounds On Surprise Crude Inventory Draw
Crude inventories fell by 400,000 barrels.Gasoline production rose last week, while inventories continue to fall.Middle distillate production fell slightly along with inventories.
2021/10/21 17:43
Permian Oil Output Close To Pre-Pandemic LevelPermian Oil Output Close To Pre-Pandemic Level
Permian Oil Output Close To Pre-Pandemic Level
Crude oil production in the Permian has climbed closer to pre-pandemic levels, according to the latest drilling productivity report of the Energy Information Administration.
2021/10/20 17:53
Both oil prices and natural gas prices are significantly higher than where they were this time last year, and earnings should reflect that
Excitement Builds As Big Oil Prepares To Release Earnings
▶After a disastrous 2020, oil majors have now well and truly recovered and analysts expect an impressive earnings season this quarter
2021/10/20 17:48
OPEC+ Under Produces Quota Despite Calls For More Oil
OPEC+ Under Produces Quota Despite Calls For More Oil
The OPEC+ group saw its overall compliance with the collective oil production cuts at 115 percent in September, a delegate told Argus on Monday, down from the 116-percent compliance in August, but still higher than the market had hoped, with some members of the alliance failing to ramp up production in line with their quotas.
2021/10/19 18:36
Beijing's crackdown on the private refining industry was one reason behind this import decline as the government tackled excessive fuel supply
China Once Again Cuts Oil Import Quotas For Indepedent Refiners
Beijing's crackdown on the private refining industry was one reason behind this import decline as the government tackled excessive fuel supply
2021/10/18 17:42
OPEC+ will continue to do what it is currently doing and, in time, there will be balance in oil markets
Saudi Arabia: Patience Is A Virtue In Oil Markets
OPEC+ will continue to do what it is currently doing and, in time, there will be balance in oil markets
2021/10/15 16:27
It is “quite possible” that the WTI Crude oil prices reach $100 per barrel in light of growing global demand for energy commodities, Russian President Vladimir Putin said on Wednesday
Putin: $100 Oil Is “Quite Possible”
It is “quite possible” that the WTI Crude oil prices reach $100 per barrel in light of growing global demand for energy commodities, Russian President Vladimir Putin said on Wednesday
2021/10/14 13:36
In this month’s report, OPEC revised downward its 2021 estimate due to lower-than-expected actual data for the first three quarters of the year
OPEC Cuts 2021 Oil Demand Forecast
In this month’s report, OPEC revised downward its 2021 estimate due to lower-than-expected actual data for the first three quarters of the year
2021/10/14 13:31
OPEC+ is producing less oil than it is supposed to, a survey by Platts has revealed, as cited by Forex Live.
Platts: OPEC+ Is Producing Less Crude Than It's Supposed To
OPEC+ is producing less oil than it is supposed to, a survey by Platts has revealed, as cited by Forex Live.
2021/10/13 12:09
Global oil demand is on course to recover to pre-pandemic levels by the end of the year
Why $80 Oil Won't Destroy Demand
Global oil demand is on course to recover to pre-pandemic levels by the end of the year
2021/10/12 18:39
High Natural Gas Prices Could Lead To 2 Million Bpd Extra Oil Demand
High Natural Gas Prices Could Lead To 2 Million Bpd Extra Oil Demand
Oil prices have vaulted to multi-year highs after OPEC and other major producers opted last week against increasing output by more than previously agreed. However, it's the natural gas trajectory that has been hogging the limelight after gas prices surged more than 300% to trade at its highest levels since 2014, outpacing oil and many other commodities.
2021/10/11 18:17
A major focus for Saudi Arabia going forward is to retain its dominance across Asian oil markets
Saudi Arabia Eyes Oil Market Dominance As Prices Bounce Back
Saudi Arabia is finally recovering from a disastrous year in 2020, with its oil revenues surpassing pre-pandemic levels
2021/10/08 18:11
Oil Rebounds On Surprise Crude Inventory Draw
Oil Rebounds On Surprise Crude Inventory Draw
Crude inventories fell by 400,000 barrels.Gasoline production rose last week, while inventories continue to fall.Middle distillate production fell slightly along with inventories.
Permian Oil Output Close To Pre-Pandemic LevelPermian Oil Output Close To Pre-Pandemic Level
Permian Oil Output Close To Pre-Pandemic Level
Crude oil production in the Permian has climbed closer to pre-pandemic levels, according to the latest drilling productivity report of the Energy Information Administration.
Both oil prices and natural gas prices are significantly higher than where they were this time last year, and earnings should reflect that
Excitement Builds As Big Oil Prepares To Release Earnings
▶After a disastrous 2020, oil majors have now well and truly recovered and analysts expect an impressive earnings season this quarter
OPEC+ Under Produces Quota Despite Calls For More Oil
OPEC+ Under Produces Quota Despite Calls For More Oil
The OPEC+ group saw its overall compliance with the collective oil production cuts at 115 percent in September, a delegate told Argus on Monday, down from the 116-percent compliance in August, but still higher than the market had hoped, with some members of the alliance failing to ramp up production in line with their quotas.
Beijing's crackdown on the private refining industry was one reason behind this import decline as the government tackled excessive fuel supply
China Once Again Cuts Oil Import Quotas For Indepedent Refiners
Beijing's crackdown on the private refining industry was one reason behind this import decline as the government tackled excessive fuel supply
OPEC+ will continue to do what it is currently doing and, in time, there will be balance in oil markets
Saudi Arabia: Patience Is A Virtue In Oil Markets
OPEC+ will continue to do what it is currently doing and, in time, there will be balance in oil markets
It is “quite possible” that the WTI Crude oil prices reach $100 per barrel in light of growing global demand for energy commodities, Russian President Vladimir Putin said on Wednesday
Putin: $100 Oil Is “Quite Possible”
It is “quite possible” that the WTI Crude oil prices reach $100 per barrel in light of growing global demand for energy commodities, Russian President Vladimir Putin said on Wednesday
In this month’s report, OPEC revised downward its 2021 estimate due to lower-than-expected actual data for the first three quarters of the year
OPEC Cuts 2021 Oil Demand Forecast
In this month’s report, OPEC revised downward its 2021 estimate due to lower-than-expected actual data for the first three quarters of the year
OPEC+ is producing less oil than it is supposed to, a survey by Platts has revealed, as cited by Forex Live.
Platts: OPEC+ Is Producing Less Crude Than It's Supposed To
OPEC+ is producing less oil than it is supposed to, a survey by Platts has revealed, as cited by Forex Live.
Global oil demand is on course to recover to pre-pandemic levels by the end of the year
Why $80 Oil Won't Destroy Demand
Global oil demand is on course to recover to pre-pandemic levels by the end of the year
High Natural Gas Prices Could Lead To 2 Million Bpd Extra Oil Demand
High Natural Gas Prices Could Lead To 2 Million Bpd Extra Oil Demand
Oil prices have vaulted to multi-year highs after OPEC and other major producers opted last week against increasing output by more than previously agreed. However, it's the natural gas trajectory that has been hogging the limelight after gas prices surged more than 300% to trade at its highest levels since 2014, outpacing oil and many other commodities.
A major focus for Saudi Arabia going forward is to retain its dominance across Asian oil markets
Saudi Arabia Eyes Oil Market Dominance As Prices Bounce Back
Saudi Arabia is finally recovering from a disastrous year in 2020, with its oil revenues surpassing pre-pandemic levels

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