• Russia’s energy minister sees 2018 oil price in range of $45-$55/barrel

    Russian Energy Minister Alexander Novak said he expected the 2018 price of Brent crude to be in the range of $45 to $55 per barrel. Speaking to reporters, he also said China had asked Russia about the possibility of shipping around 3.5 million tonnes of oil via the Russian Pacific port of Kozmino...

  • Iraq’s oil ministry: August oil exports averaged 3.216 mln bpd

    Iraq’s oil exports slipped to 3.216 million barrels per day in August from 3.230 million bpd in July as no shipments were made from the northern Kirkuk field, the oil ministry said All the volumes shipped in August came from the southern fields, it said in a statement. Kirkuk is the only field...

  • Saudi Aramco to build the Gulf’s largest shipyard:

    Saudi Aramco to build the Gulf’s largest shipyard through a joint venture with three companies, a $5.2 billion project aimed at helping reduce the economy’s reliance on oil.   Aramco said it had signed a shareholder agreement with National Shipping Co of Saudi Arabia (Bahri), a...

  • Qatar says sees merits of extending oil supply cut into first quarter of 2018

    Qatar’s energy minister said on Saturday he was optimistic that extending a global oil supply cut beyond June would improve market stability, and that there was merit in continuing the curbs through March 2018.   “We are optimistic that the extension of the agreement to the second...

  • Egypt’s Sisi: Newly-discovered gas fields to save about $3.6 bln yearly

    Till some years ago Egypt was among the energy exporters, and now it has become an importer after domestic output failed to keep pace with rising demand in recent years. But the discovery of the 850 billion-cubic meter Zohr field in 2015 is expected to change the scene.   Egyptian President...

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Articles

Oil Prices of Today

Crudes $/B
Brent $51.82
WTI $48.85
OPEC Basket $49.72

Primary Energy Sources (%)

2014
(Share)
2035
(Share)
Primary Energy 100% 100%
Oil 32% 29%
Gas 24% 26%
Coal 30% 25%
Nuclear 4% 5%
Hydro 7% 7%
Renewables* 3% 9%

Top 10 World Oil Reserves

Countries Crude Oil (Billion bbl) % of total R/P ratio
Venezuela 298.3 17.5 *
Saudi Arabia 267.0 15.7 63.6
Canada 172.9 10.2 *
Iran 157.8 9.3 *
Iraq 150.0 8.8 *
Russian fed. 103.2 6.1 26.1
Kuwait 101.5 6.0 89.0
UAE 97.8 5.8 72.2
USA 48.5 2.9 11.4
Libya 48.4 2.8 *
Notes:
  • - Proved reserves as of 1.1.2015
  • - * more than 100 years
  • - Reserves include gas condensates and NGL’s as well as crude oil

Top 10 World Gas Reserves

Countries Crude Oil(Trillion  CF) % of total R/P ratio
Iran 1201.4 18.2 *
Russia fed. 1152.8 17.4 56.4
Qatar 866.2 13.1 *
Turkmanstan 617.3 9.3 *
USA 345.0 5.2 13.4
S. A 288.4 4.4 75.4
UAE 215.1 3.3 *
Venzuela 197.1 3.0 *
Nigeria 180.1 2.7 *
Algeria 159.1 2.4 54.1
Notes:
  • - Proved reserves as of 1.1.2015
  • - * more than 100 years