THE BIGGEST U.S. OIL
According to REUTERS, the United States holds more recoverable oil reserves than Saudi Arabia and Russia thanks in large part to its shale oil, Norwegian consultancy Rystad Energy said in a report.
The United States currently holds an estimated 264 billion of barrels of reserves in existing fields, discoveries and yet to be discovered fields, according to Rystad.
That compares with 256 billion barrels for Russia and 212 billion barrels for Saudi Arabia.
For the U.S. more than 50 percent of remaining oil reserves are unconventional shale oil with Texas alone holding more than 60 billion barrels of shale oil according to the data.
Rystad Energy estimated total global oil reserves at 2092 billion barrels, or 70 times the current production rate of about 30 billion barrels of crude oil per year.
Unconventional oil recovery accounts for 30 percent of the global recoverable oil reserves while offshore production accounts for 33 percent of the total.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.