Syncrude has cut its bitumen production for this month due to a mechanical disruption. which will likely contribute to a price rising.
Crude Prices Jump On Oil Sands Outages
Syncrude has cut its bitumen production for this month due to a mechanical disruption.
This will likely contribute to a price rally in oil sparked by demand worries and tight supply as much of U.S. Gulf of Mexico production remains offline in the wake of Hurricane Ida, which at one point shut down more than 95 percent of Gulf oil output.
2021/09/24 19:39
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.
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.
2021/09/24 19:32
Colombia has been a violence riven country that has been a major hub in the global cocaine trade and it's one of Latin America’s largest oil producers.
Cocaine And Crime Are Amplifying Colombia’s Crude Oil Crisis
For as long as many people remember Colombia has been a violence riven country that has been a major hub in the global cocaine trade. What many people do not realize is that Colombia is one of Latin America’s largest oil producers. For the first seven months of 2021, Colombia pumped an average of 730,015 barrels per day, ranking it as the region’s third largest producer behind Mexico and then Brazil.
2021/09/24 19:25
International companies are starting to give up on Venezuela
International Oil Companies Are Giving Up On Venezuela
Despite huge oil reserves waiting to be tapped, the ongoing sanctions on Venezuelan oil and the current state of politics and the economy are driving international oil majors away from the Venezuelan energy market.
2021/09/24 19:21
Russia’s Prime Minister Urges Country To Prepare For Post-Oil Era
Russia’s Prime Minister Urges Country To Prepare For Post-Oil Era
Russia must start getting used to lower oil, gas, and coal use in the future, Prime Minister Mikhail Mishustin told Russian media, adding that the government will approve a plan for adjusting Russia's economy to the global energy transition by the end of the year, TASS has reported.
2021/09/23 17:57
Chevron CEO: Oil Prices To Remain Higher For Longer
Chevron CEO: Oil Prices To Remain Higher For Longer
Global oil and gas prices will remain higher for longer as companies resist the urge to ramp up production, the chief executive of Chevron, Mike Wirth told Bloomberg in an interview.

2021/09/17 19:31
IEA Sees Robust Oil Demand In October
IEA Sees Robust Oil Demand In October
Global oil demand is set to rebound with a 1.6-million-bpd jump in October and continue rising through the end of the year, the International Energy Agency (IEA) said on Tuesday.
2021/09/15 14:19
China's Historic Decision To Stop Hoarding Oil
China's Historic Decision To Stop Hoarding Oil
For a long time, China’s energy policy has centered around one primary and pressing goal: to establish energy security. As the biggest importer and second-biggest consumer of oil in the world, China is extremely dependent on international markets to keep the lights on and the gears of industry turning. In 2019, a whopping 72% of all crude oil consumed in China was imported. This is a dynamic that makes Beijing uncomfortable, to say the least, and President Xi Jinping’s administration has been hard at work trying to shore up a greater degree of energy independence.
2021/09/15 14:11
The Next South American Oil Giant
The Next South American Oil Giant
The COVID pandemic has wreaked considerable damage on the economies of South America’s smaller fiscally fragile countries, with the former Dutch colony of Suriname hit especially hard.
2021/09/15 13:52
China was going to release some crude oil from its strategic petroleum reserve and sell it last week
China’s Oil Sale Is A Clear Message To OPEC+
China made headlines last week with the news that it was going to release some crude oil from its strategic petroleum reserve and sell it in a move that Bloomberg called "an unprecedented intervention."
Indeed, this was the first time China announced the sale of oil from its strategic reserve. The size of this reserve is unknown as the government never releases that data, but analysts have been using satellite imaging to estimate just how much oil China has in storage.
2021/09/15 13:43
Why Bitcoin Miners Are Setting Up Shop In Texas Oilfields
Why Bitcoin Miners Are Setting Up Shop In Texas Oilfields
Politicians, environmentalists, economists, and energy executives are all puzzled over a compounding conundrum: what’s to be done about Bitcoin? Just this week, El Salvador became the first country in the world to validate Bitcoin as a legal tender, to initially disastrous results. The once-fringe cryptocurrency and its acolytes have the potential to massively disrupt commerce as we know it -- and they could very well disrupt the global campaign against catastrophic climate change while they’re at it.
2021/09/11 08:33
OPEC May Cut 2022 Oil Demand Forecast
OPEC May Cut 2022 Oil Demand Forecast
OPEC could revise down its forecasts for global oil demand in 2022, in view of the increased uncertainty with the Delta variant, two OPEC+ sources told Reuters on Friday.
2021/09/11 08:27
Syncrude has cut its bitumen production for this month due to a mechanical disruption. which will likely contribute to a price rising.
Crude Prices Jump On Oil Sands Outages
Syncrude has cut its bitumen production for this month due to a mechanical disruption.
This will likely contribute to a price rally in oil sparked by demand worries and tight supply as much of U.S. Gulf of Mexico production remains offline in the wake of Hurricane Ida, which at one point shut down more than 95 percent of Gulf oil output.
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.
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.
Colombia has been a violence riven country that has been a major hub in the global cocaine trade and it's one of Latin America’s largest oil producers.
Cocaine And Crime Are Amplifying Colombia’s Crude Oil Crisis
For as long as many people remember Colombia has been a violence riven country that has been a major hub in the global cocaine trade. What many people do not realize is that Colombia is one of Latin America’s largest oil producers. For the first seven months of 2021, Colombia pumped an average of 730,015 barrels per day, ranking it as the region’s third largest producer behind Mexico and then Brazil.
International companies are starting to give up on Venezuela
International Oil Companies Are Giving Up On Venezuela
Despite huge oil reserves waiting to be tapped, the ongoing sanctions on Venezuelan oil and the current state of politics and the economy are driving international oil majors away from the Venezuelan energy market.
Russia’s Prime Minister Urges Country To Prepare For Post-Oil Era
Russia’s Prime Minister Urges Country To Prepare For Post-Oil Era
Russia must start getting used to lower oil, gas, and coal use in the future, Prime Minister Mikhail Mishustin told Russian media, adding that the government will approve a plan for adjusting Russia's economy to the global energy transition by the end of the year, TASS has reported.
Chevron CEO: Oil Prices To Remain Higher For Longer
Chevron CEO: Oil Prices To Remain Higher For Longer
Global oil and gas prices will remain higher for longer as companies resist the urge to ramp up production, the chief executive of Chevron, Mike Wirth told Bloomberg in an interview.

IEA Sees Robust Oil Demand In October
IEA Sees Robust Oil Demand In October
Global oil demand is set to rebound with a 1.6-million-bpd jump in October and continue rising through the end of the year, the International Energy Agency (IEA) said on Tuesday.
China's Historic Decision To Stop Hoarding Oil
China's Historic Decision To Stop Hoarding Oil
For a long time, China’s energy policy has centered around one primary and pressing goal: to establish energy security. As the biggest importer and second-biggest consumer of oil in the world, China is extremely dependent on international markets to keep the lights on and the gears of industry turning. In 2019, a whopping 72% of all crude oil consumed in China was imported. This is a dynamic that makes Beijing uncomfortable, to say the least, and President Xi Jinping’s administration has been hard at work trying to shore up a greater degree of energy independence.
The Next South American Oil Giant
The Next South American Oil Giant
The COVID pandemic has wreaked considerable damage on the economies of South America’s smaller fiscally fragile countries, with the former Dutch colony of Suriname hit especially hard.
China was going to release some crude oil from its strategic petroleum reserve and sell it last week
China’s Oil Sale Is A Clear Message To OPEC+
China made headlines last week with the news that it was going to release some crude oil from its strategic petroleum reserve and sell it in a move that Bloomberg called "an unprecedented intervention."
Indeed, this was the first time China announced the sale of oil from its strategic reserve. The size of this reserve is unknown as the government never releases that data, but analysts have been using satellite imaging to estimate just how much oil China has in storage.
Why Bitcoin Miners Are Setting Up Shop In Texas Oilfields
Why Bitcoin Miners Are Setting Up Shop In Texas Oilfields
Politicians, environmentalists, economists, and energy executives are all puzzled over a compounding conundrum: what’s to be done about Bitcoin? Just this week, El Salvador became the first country in the world to validate Bitcoin as a legal tender, to initially disastrous results. The once-fringe cryptocurrency and its acolytes have the potential to massively disrupt commerce as we know it -- and they could very well disrupt the global campaign against catastrophic climate change while they’re at it.
OPEC May Cut 2022 Oil Demand Forecast
OPEC May Cut 2022 Oil Demand Forecast
OPEC could revise down its forecasts for global oil demand in 2022, in view of the increased uncertainty with the Delta variant, two OPEC+ sources told Reuters on Friday.

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