- Qatar says sees merits of extending oil supply cut into first quarter of 2018
- Egypt’s Sisi: Newly-discovered gas fields to save about $3.6 bln yearly
- Saudi Arabia, Russia push to extend oil output cuts until March 2018
- IEA: Global conventional oil discoveries fell to record low in 2016
- The longest sea pipeline to transport gas from the Eastern Mediterranean to Europe
- IEA says global oil market now close to balance
- Optimism among Arab circles that oil market will improve by end 2017
- Iraq reduces Kirkuk oil exports to comply with OPEC’s agreement and meet local needs
- Iraq’s Kurdistan negotiates $3 billion oil pre-payment deals
- Aramco agreement with Petronas gives Saudi Arabia the largest share in Asian markets
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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...
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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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Saudi Arabia, Russia push to extend oil output cuts until March 2018
Saudi Arabia and Russia, the world’s two top oil producers, agreed on the need to extend oil output cuts for a further nine months until March 2018 to rein in a global crude glut, pushing up prices. The timing of the announcement ahead of OPEC’s next official meeting on May 25...
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IEA: Global conventional oil discoveries fell to record low in 2016
According to Oil and Gas Journal Editors, the global conventional oil discoveries fell to a record low in 2016 as companies continued to cut spending. Also, the number of conventional resources sanctioned for development last year reached their lowest level in more than 70 years, according to the...
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The longest sea pipeline to transport gas from the Eastern Mediterranean to Europe
Israel, Italy, Greece and Cyprus pledged on Monday to push ahead with the project to extend the world’s longest undersea gas pipeline, which will extend 2,000 kilometers east of the Mediterranean Sea to southern Europe, with the support of the European Union at a cost of $ 6.2...
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Qatar says sees meri...
Qatar’s energy minister said on Saturday he was optimistic that extending...
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Egypt’s Sisi: ...
Till some years ago Egypt was among the energy exporters, and now it has become...
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Saudi Arabia, Russia...
Saudi Arabia and Russia, the world’s two top oil producers, agreed on the...
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IEA: Global convent...
According to Oil and Gas Journal Editors, the global conventional oil...
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The longest sea pipe...
Israel, Italy, Greece and Cyprus pledged on Monday to push ahead with the...
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IEA says global oil ...
The global oil market is close to balance, after nearly three years of excess...
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Optimism among Arab ...
Kuwait’s Oil Minister Essam al-Marzouq said the market could gain balance...
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Iraq reduces Kirkuk ...
According to Reuters, Iraq cut Kirkuk oil exports to fulfill commitment agreed...
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Khalid al-Falih , Saudi energy ministerThere has been a mar...
There has been a marked reduction to the inventories, but we’re not where we want to be in...
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Essam al-Marzouq , Kuwait’s Oil MinisterThe market could gai...
The market could gain balance by the third quarter of this year, as long as producers agreed to an...
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Oil and Gas Situation in Kuwa...
Oil and Gas Situation in Kuwait Mohamad Hassan Salem Chairman/ Middle East Center for Energy...
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Wood Mackenzie: Industry needs...
Most companies are currently focused on surviving at US$30/bbl by cutting costs and activity, but...
Oil Prices of Today
| Crudes | $/B |
| Brent | $51.82 |
| WTI | $48.85 |
| OPEC Basket | $49.72 |
Primary Energy Sources (%)
(Share) |
(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 | * |
- - 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 |
- - Proved reserves as of 1.1.2015
- - * more than 100 years
