• Russia: Permanent cooperation with OPEC may come up for discussion in April

    Russian Energy Minister Alexander Novak said on Thursday that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries may discuss in April a charter that outlines a permanent cooperation, the Russian news agency Tass reported. Novak said in December that OPEC and the...

  • Ministry of Finance: Kuwait’s oil production in December was 2.8 million b / d

    Kuwait’s oil production increased to 2.8 million bpd in December, the Finance Ministry said. This comes as oil prices plummeted as US crude inventories rose and the country’s output stabilized at record levels, but OPEC-led supply cuts and US sanctions on Venezuela have provided support...

  • Egypt’s Zohr gas field output to hit bcm daily in 2019

    Egypt’s plans to raise production of the Zohr gas field to three billion cubic meters per day this year, Oil Minister Tarek el-Molla during a meeting with general assembly of Petroshorouk Co. and chairmen of the Italian-based Eni Co. and UAE-based Mubadala Investment Co. said on Tuesday. El-Molla...

  • ADNOC announces new land area for oil exploration and production

    The data available from the three-dimensional seismic survey includes a large part of the new region, which is promising potential is also close to “Shah” and “nerve” and “plain” and “milking”, this is the first land area determined by the competitive...

  • Egypt Invests $9 B in Refining Projects

      Egypt is carrying out six refining mega projects with around $9 billion investments as a part of the oil and gas sector’s Modernization Project, stated Tarek El Molla, Minister of Petroleum, Egypt Oil & Gas reports.   The minister’s comment came during his visit while following up on a...

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    Essam al-Marzouq , Kuwait’s Oil Minister

Articles

Oil Prices of Today

Crudes $/B
Brent $64.76
WTI $55.48
OPEC Basket $65.36

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
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