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The US retained its leadership in terms of recoverable oil reserves in 2017, increasing them by almost 50 billion barrels to 310 billion barrels, the Norwegian consulting company Rystad Energy reported. The growth of oil reserves in the US was provided by the increase in production almost 2 times by the fracking method at the largest in the country oil basin Permian. Their growth was also facilitated by new sites and formations, the geological reserves of which were proven. Current oil reserves in Texas alone are estimated at more than 100 billion barrels. Of the 1 trillion of undiscovered world oil reserves, shale oil accounts for about 300 billion barrels, as it was calculated at Rystad Energy. In non-OPEC countries, there are about 78% of the world's undiscovered reserves.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
Oil prices fell on Monday as a surge in coronavirus cases and the escalating U.S.-China tensions prompted a safe-haven bid. Brent crude slid 0.2%, or 8 cents, at $43.26 per barrel. U.S. West Texas Intermediate crude fell 0.2%, or 7 cents, ...
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