• 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...

  • 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...

  • 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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    13-16 November 2017, Abu Dhabi, United Arab Emirates

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  • What is a fossil fuel??

    Fossil fuel is the most widely used...

  • There has been a mar...

    There has been a marked reduction to the inventories, but we’re not where we want to be in...

    Khalid al-Falih , Saudi energy minister

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    The market could gain balance by the third quarter of this year, as long as producers agreed to an...

    Essam al-Marzouq , Kuwait’s Oil Minister

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
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