• Optimism among Arab circles that oil market will improve by end 2017

    Kuwait’s Oil Minister Essam al-Marzouq said the market could gain balance by the third quarter of this year, as long as producers agreed to an OPEC cut-off agreement settled by end 2017.   He added that there is some progress towards restoring balance in the market, and that oil production...

  • Iraq reduces Kirkuk oil exports to comply with OPEC’s agreement and meet local needs

    According to Reuters, Iraq cut Kirkuk oil exports to fulfill commitment agreed with OPEC and provide the fuel needed to meet local needs in light of its war against al-Islamic state. The Kurdistan region agreed with Baghdad last year on joint export giant Kirkuk oil field after reaching a...

  • Iraq’s Kurdistan negotiates $3 billion oil pre-payment deals

    Iraq’s Kurdistan has agreed new deals to borrow $3 billion from trading houses and Russian state oil firm Rosneft that will be guaranteed by future oil sales to strengthen its fiscal position as the semi-autonomous region fights Islamic State.   Kurdistan’s natural sources minister...

  • Aramco agreement with Petronas gives Saudi Arabia the largest share in Asian markets

    Reuters said that Saudi Arabia – the largest oil exporter in the world – cut a long way in the race for market share in Asia after it agreed some days ago to inject seven billion dollars in a petrochemical complex and refinery in Malaysia.   The investment from giant Saudi Aramco in the...

  • Saudi Arabia ahead for $60/b oil prices in 2017

    Saudi Arabia wants crude oil prices to rise to around $60 a barrel this year, five sources from OPEC countries and the oil industry said.   This is the level the OPEC heavyweight and its Gulf allies – the United Arab Emirates, Kuwait and Qatar – believe would encourage investment in...

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Articles

Oil Prices of Today

Crudes $/B
Brent $50.80
WTI $47.97
OPEC Basket $48.35

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