- Kuwait intends to increase its oil production to 3 million B/D in 2025
- Iraq is drilling new oil wells to expand crude oil production capabilities
- Bahrain to build a huge solar energy project with a capacity of 72 megawatts
- UAE is intensifying efforts to organize the global environmental conference COP28 (November 30 - December 12, 2023)
- Convergence of views between Saudi Arabia and Russia regarding OPEC Plus production rates
- The World Bank expects the growth of GCC economies to slow to 2.5 percent in 2023
- IEA expects demand to exceed supply by 2 million b/d in the second half of 2023
- Oil producers in the (OPEC +) group to reduce significantly oil production for May 2023
- UAE: Numerous projects and strategic goals in the field of solar energy
- Kuwait: The Chairman of KOC makes important remarks about the Kuwaiti oil sector
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Kuwait intends to increase its oil production to 3 million B/D in 2025
The CEO of Kuwait Oil Company, Ahmed Jaber Al-Eidan, stated that Kuwait currently has oil production capacities exceeding 2.8 million barrels per day, and it is targeted to increase this to reach three million barrels per day in 2025. However, Kuwait is committed to the cuts decided by the...
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Iraq is drilling new oil wells to expand crude oil production capabilities
Iraq is proceeding with ambitious plans to drill many new oil wells with the aim of increasing crude oil production capacities and securing Iraq’s position in the global oil market. Iraq is gradually preparing to replace old wells that have become less productive due to their limited...
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Bahrain to build a huge solar energy project with a capacity of 72 megawatts
The Kingdom of Bahrain announced the signing of agreements for a new solar energy project aiming to generate 72 megawatts. The project will contribute 28% of the total renewable energy that Bahrain aims to produce by 2025, amounting to 250 megawatts. Minister of Electricity and Water...
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UAE is intensifying efforts to organize the global environmental conference COP28 (November 30 - December 12, 2023)
The world is awaiting the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), which will be held from November 30 to December 12 of this year in Expo City Dubai, in order to make tangible progress on global climate action and give a major impetus to...
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Convergence of views between Saudi Arabia and Russia regarding OPEC Plus production rates
An official source at the Ministry of Energy announced that the Kingdom will extend the voluntary reduction of one million barrels per day, which began in July 2023 and was extended to include the months of August and September, for another three months. That is, until the end of December 2023, and...
Kuwait intends to in...
The CEO of Kuwait Oil Company, Ahmed Jaber Al-Eidan, stated that Kuwait...
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Iraq is drilling new...
Iraq is proceeding with ambitious plans to drill many new oil wells with the...
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Bahrain to build a h...
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UAE is intensifying ...
The world is awaiting the Conference of the Parties to the United Nations...
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Convergence of views...
An official source at the Ministry of Energy announced that the Kingdom will...
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The World Bank expec...
The World Bank lowered its forecast for the growth of the economies of the Gulf...
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IEA expects demand t...
Sources from the International Energy Agency expected global oil demand to grow...
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Oil producers in the...
The Kingdom of Saudi Arabia and other countries within the OPEC Plus group...
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Training
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IEG: SUSTAINABLE WAS...
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Articles
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International variables cast a...
The International Energy Agency expected the global demand for oil to increase to about 102 million...
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World Bank: Global debt to exc...
Reports from the World Bank and the International Finance Corporation indicate that the global debt...
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IEG: ECOMONDO AND KEY ENERGY 2...
Over 80 live talk events on the calendars of Ecomondo and Key Energy, being held from 3rd to 6th...
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During the first half of 2020, the world has suffered from three strong crises (one after the...
Oil & Gas Prices of Today
| Crudes | $/B |
| Brent | 82.51 |
| WTI | 77.87 |
| OPEC Basket | 84.44 |
| Natural Gas | $/MMBTU |
| Natural Gas (Nymex) | 2.852 |
Primary Energy Resources (%)
|
(Share) |
(Share) |
|
| Oil | 33.0% | 31.2% |
| Gas | 24.2% | 24.7% |
| Coal | 27.0% | 27.2% |
| Nuclear | 4.3% | 4.3% |
| Hydro | 6.4% | 6.9% |
| Renewables | 5.0% | 5.7% |
| Total Resources | 100% | 100% |
Top 10 World Oil Reserves
| Countries | Oil (Billion bbl) | % of World total | R/P ratio (Years of lifetime) |
| Venezuela | 304 | 17.5 | * |
| S. Arabia | 298 | 17.2 | 69 |
| Canada | 168 | 9.7 | 82 |
| Iran | 158 | 9.1 | 121 |
| Iraq | 145 | 8.4 | 83 |
| Russian F. | 108 | 6.2 | 26 |
| Kuwait | 102 | 5.9 | 93 |
| UAE | 98 | 5.7 | 67 |
| USA | 69 | 4.0 | 11 |
| Libya | 48 | 2.8 | 108 |
Notes:
- - Proved reserves as of 1.1.2021 (BP Annual Statistical Review of 2021)
- - * more than 500 years
- - Reserves include gas condensates and NGL’s as well as crude oil
Top 10 World Gas Reserves
| Countries | N. Gas (Trillion CF) | % of World total | R/P ratio (Years of lifetime) |
| Russia fed. | 1321 | 19.88 | 56 |
| Iran | 1134 | 17.07 | 131 |
| Qatar | 871 | 13.11 | 139 |
| Turkmanstan | 480 | 6.71 | 309 |
| USA | 446 | 6.71 | 14 |
| China | 297 | 4.47 | 47 |
| Venezuela | 221 | 3.33 | 238 |
| Saudi Arabia | 213 | 3.20 | 53 |
| UAE | 210 | 3.16 | 95 |
| Nigeria | 193 | 2.91 | 109 |
| Iraq | 125 | 1.87 | - |
| Azribejan | 88 | 1.33 | - |
| Australia | 84 | 1.27 | - |
| Canada | 83 | 1.25 | - |
| Algeria | 81 | 1.21 | - |
| Kazakhistan | 80 | 1.20 | - |
| Egypt | 76 | 1.14 | - |
| kuwait | 60 | 0.09 | - |
| Norway | 51 | 0.08 | - |
| Libya | 51 | 0.08 | - |
Notes:
- - Proved reserves as of 1.1.2021
- - Source:BP Annual Statistical Review of 2021
