• Al-Ghais: Oil Will Maintain 30% Share of Global Energy Mix Until 2050

    Haitham Al-Ghais, Secretary General of OPEC, stated that oil will continue to play a pivotal role in the global energy mix, accounting for 30% of the energy mix until 2050, despite the significant shift towards sustainable energy.   Speaking at an energy conference in Russia, Al-Ghais...

  • Kuwait Announces Discovery of New Offshore Natural Gas Field

    Kuwait Oil Company (KOC) announced the discovery of a new offshore natural gas field called “Jazza,” containing one trillion cubic feet of natural gas and 350 million barrels of oil equivalent. Initial tests indicate that the field’s production will exceed 29 million cubic feet...

  • Algeria Appoints New Head of Sonatrach to Keep Pace with Energy Transformations

    By presidential decree, Algeria appointed Noureddine Daoudi as CEO of the state-owned energy company Sonatrach, succeeding Rachid Hachichi. This move comes amid the country’s efforts to strengthen its position as a key energy supplier and in light of strategic shifts in the oil and gas...

  • The UAE Launches World’s Largest Combined Solar and Battery Storage Project

    To meet the growing demand for clean, reliable, and 24/7 energy sources, and with investments exceeding AED 22 billion (US$5.99 billion), Masdar and the Emirates Water and Electricity Company (EWEC) laid the foundation stone on October 23 for a pioneering solar power project in Abu Dhabi, the...

  • QatarEnergy acquires new exploration interest offshore Egypt

    QatarEnergy acquires new exploration interest offshore Egyp   QatarEnergy has completed a farm-in transaction with Eni, acquiring a 40% participating interest in the North Rafah exploration block offshore the Arab Republic of Egypt.   The agreement, recently approved by the government of...

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Oil & Gas Prices of Today

Crudes $/B
Brent 64 59
WTI 60.13
OPEC Basket 65.24
Natural Gas $/MMBTU
Natural Gas (Nymex) 4.094

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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