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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BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.
The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.
“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.