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
Small crude inventory build leaves oil prices mostly unaffected
Oil Unchanged On Small Crude Inventory Build
Small crude inventory build leaves oil prices mostly unaffected
2021/10/07 18:14
Aramco: Gas Crunch Boosts Oil Demand By 500,000 Bpd
Aramco: Gas Crunch Boosts Oil Demand By 500,000 Bpd
The natural gas crunch has increased global oil demand by 500,000 bpd, the chief executive of Saudi Aramco said at this week's Energy Intelligence Forum
2021/10/06 17:05
Arctic Oil Is Booming Despite Strong Opposition
Arctic Oil Is Booming Despite Strong Opposition
Arctic oil and gas drilling is enjoying strong interest—and not just from Russian companies—despite the political rush to transform the world’s energy systems and remove fossil fuels from them.
2021/09/29 18:26
OPEC Sees Global Oil Demand Growing Until 2035
OPEC Sees Global Oil Demand Growing Until 2035
OPEC: Global oil demand is expected to continue to grow into the mid-2030s to 108 million barrels per day.
2021/09/29 18:23
The Energy Crisis Is Sending Oil, Gas, And Coal Prices Soaring
The Energy Crisis Is Sending Oil, Gas, And Coal Prices Soaring
The European energy crisis is going global as the lack of natural gas supply begins to influence oil and coal markets.
2021/09/28 18:46
Hess: Massive Underinvestment In New Production Is A Major Wildcard For Oil
Hess: Massive Underinvestment In New Production Is A Major Wildcard For Oil
The oil industry is “massively underinvesting” in supply to meet growing demand, which is set to return to pre-COVID levels as soon as the end of 2021 or early 2022, Greg Hill, president of U.S. oil producer Hess Corp, said on Monday.
2021/09/28 18:42
Nigeria Doubles Down On Oil After Years Of Trouble
Nigeria Doubles Down On Oil After Years Of Trouble
After months of stalling because of Covid restrictions and OPEC cuts, as well as significant international criticism over misplaced funds, Nigeria appears to be optimistic about the future of its faltering oil industry in a time when few others are.
2021/09/27 15:42
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
Small crude inventory build leaves oil prices mostly unaffected
Oil Unchanged On Small Crude Inventory Build
Small crude inventory build leaves oil prices mostly unaffected
Aramco: Gas Crunch Boosts Oil Demand By 500,000 Bpd
Aramco: Gas Crunch Boosts Oil Demand By 500,000 Bpd
The natural gas crunch has increased global oil demand by 500,000 bpd, the chief executive of Saudi Aramco said at this week's Energy Intelligence Forum
Arctic Oil Is Booming Despite Strong Opposition
Arctic Oil Is Booming Despite Strong Opposition
Arctic oil and gas drilling is enjoying strong interest—and not just from Russian companies—despite the political rush to transform the world’s energy systems and remove fossil fuels from them.
OPEC Sees Global Oil Demand Growing Until 2035
OPEC Sees Global Oil Demand Growing Until 2035
OPEC: Global oil demand is expected to continue to grow into the mid-2030s to 108 million barrels per day.
The Energy Crisis Is Sending Oil, Gas, And Coal Prices Soaring
The Energy Crisis Is Sending Oil, Gas, And Coal Prices Soaring
The European energy crisis is going global as the lack of natural gas supply begins to influence oil and coal markets.
Hess: Massive Underinvestment In New Production Is A Major Wildcard For Oil
Hess: Massive Underinvestment In New Production Is A Major Wildcard For Oil
The oil industry is “massively underinvesting” in supply to meet growing demand, which is set to return to pre-COVID levels as soon as the end of 2021 or early 2022, Greg Hill, president of U.S. oil producer Hess Corp, said on Monday.
Nigeria Doubles Down On Oil After Years Of Trouble
Nigeria Doubles Down On Oil After Years Of Trouble
After months of stalling because of Covid restrictions and OPEC cuts, as well as significant international criticism over misplaced funds, Nigeria appears to be optimistic about the future of its faltering oil industry in a time when few others are.

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