- UAE leaves OPEC in blow to global oil producers’ group
- Kuwait declares force majeure on oil shipments amid Hormuz blockade, Bloomberg News reports
- Libya signs preliminary agreement with Chevron to assess shale oil and gas resources
- Middle East conflict could cause 120 bcm of LNG supply loss from 2026-2030, IEA says
- Loss of energy output in MidEast will take about two years to recover, IEA says
- Egypt and Cyprus sign framework agreement for cooperation on gas
- Italy hopes to receive more gas from Algeria, Meloni says
- Kuwait oil CEO says Iran is ‘holding the world’s economy hostage’
- QatarEnergy says it needs to declare force majeure on some LNG contracts
- Saudi boosts Yanbu crude oil exports as it works around Hormuz halt, data shows
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UAE leaves OPEC in blow to global oil producers’ group
The United Arab Emirates on Tuesday said it was quitting OPEC, dealing a blow to the oil producers’ group as an unprecedented energy crisis caused by the Iran war exposes discord among Gulf nations. The exit of the UAE – one of the group’s biggest producers – weakens...
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Kuwait declares force majeure on oil shipments amid Hormuz blockade, Bloomberg News reports
Kuwait has declared force majeure on shipments of crude oil and refined products after a blockade of the Strait of Hormuz prevented some vessels from entering the Persian Gulf, hindering its ability to meet certain customer commitments, Bloomberg News reported on Monday, citing...
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Libya signs preliminary agreement with Chevron to assess shale oil and gas resources
Libya’s National Oil Corporation (NOC) on Tuesday signed a memorandum of understanding with U.S. energy major Chevron to conduct a joint study to assess shale oil and gas reserves in number of the country’s sedimentary basins, the head of NOC said in stat
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Middle East conflict could cause 120 bcm of LNG supply loss from 2026-2030, IEA says
The Middle East conflict could result in the loss of around 120 billion cubic metres (bcm) of cumulative liquefied natural gas (LNG) supply between 2026 and 2030, or 15% of expected cumulative global supply, due to short-term disruptions to flows and slower capacity growth, the...
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Loss of energy output in MidEast will take about two years to recover, IEA says
It will take about two years to recover the energy output lost in the Middle East from the conflict there, Fatih Birol, the head of the International Energy Agency, was quoted as saying on Friday in an interview with the Neue Zuercher Zeitung newspaper. “That will vary from...
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2 - 5 November 2026,ADNEC, Abu Dhabi, United Arab Emirates
UAE leaves OPEC in b...
The United Arab Emirates on Tuesday said it was quitting OPEC, dealing a blow...
Read more
Kuwait declares forc...
Kuwait has declared force majeure on shipments of crude oil and refined...
Read more
Middle East conflict...
The Middle East conflict could result in the loss of around 120 billion...
Read more
Loss of energy outpu...
It will take about two years to recover the energy output lost in the Middle...
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Egypt and Cyprus sig...
Egypt and Cyprus signed a framework agreement for cooperation on gas at the...
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Italy hopes to recei...
Italy hopes to receive more gas from Algeria after agreeing to strengthen...
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Kuwait oil CEO says ...
Emergency measures to alleviate the disruption to energy supply caused by the...
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Natural gas is the purest and cleanest fossil fuel that exists, it generates fewer emissions than...
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After four and a half years, the Wafra oil field is set to resume production soon. Ed Colina,...
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Oil & Gas Prices of Today
| Crudes | $/B |
| Brent | 112.58 |
| WTI | 103.30 |
| OPEC Basket | 118.11 |
| Natural Gas | $/MMBTU |
| Natural Gas (Nymex) | 2.855 |
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
