• Kuwait readies $7 billion pipeline deal as Gulf turns to foreign capital

    Gulf governments are stepping up infrastructure deals with foreign investors, with Kuwait set to ​launch an oil pipeline network stake sale as soon as February in a deal that could raise up to $7 billion, three sources with knowledge of the ‌matter said. The shift comes as oil prices, down...

  • Iraq Says Gas Flaring to Reach Zero by End-2028

    Iraq’s Prime Minister Mohammed Shia al-Sudani stated on Saturday that the government is moving forward with the development of clean and renewable energy sectors. Speaking at the opening of the Iraq Energy Exhibition and Conference, al-Sudani said Iraq has made significant progress in...

  • Libya signs 25-year oil deal with TotalEnergies and ConocoPhillips

    Libya signed a 25-year oil development agreement on Saturday ​with France’s TotalEnergies and U.S.-based ConocoPhillips, involving more than $20 billion ‌in foreign-financed investment, Prime Minister Abdulhamid al-Dbeibah said. Signed through Waha Oil Company, the deal is aimed at...

  • Oil demand to hold above 100 million bpd through 2040, says ADNOC CEO

    The head of Abu Dhabi National Oil Company (ADNOC) said global oil demand will remain above 100 million barrels per day through 2040, while demand for both liquefied natural gas (LNG) and electricity will grow by 50% or more. Managing Director and CEO Sultan Ahmed Al Jaber told the India Energy...

  • QatarEnergy and EGAS sign agreement to supply up to 24 LNG cargoes to Egypt for the summer of 2026

    Qatar to supply Egypt with LNG QatarEnergy and EGAS sign agreement to supply up to 24 LNG cargoes to Egypt for the summer of 2026 QatarEnergy signed a Memorandum of Understanding (MoU) with the Ministry of Petroleum and Mineral Resources of the Arab Republic of Egypt to strengthen cooperation in...

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Oil & Gas Prices of Today

Crudes $/B
Brent 69.32
WTI 65.21
OPEC Basket 67.00
Natural Gas $/MMBTU
Natural Gas (Nymex) 4.354

Primary Energy Resources (%)

2019
(Share)
2020
(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
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