EDINBURGH (Realist English). 65% of the world’s proven oil and gas reserves are controlled by national oil companies. This is stated in the Wood Mackenzie study.
Among them are such companies as Saudi Aramco, Qatar Energy, Adnoc, Rosneft, Gazprom, the National Iranian Oil Company and the Venezuelan PDVSA. These seven companies, according to analysts at Wood Mackenzie, are able to continue producing oil and gas for the next 40 to 60 years or even longer if they use their spare capacity.
Since 2011, the share of national oil companies accounted for 41% of all new oil and gas fields. Their share in new deposits has been growing since 2018. In total, national oil companies have discovered more than 100 billion barrels of oil equivalent since 2011.
In its June forecast for 2023, the International Energy Agency expressed hope that oil demand will increase, and global demand will average a record 101.6 million barrels per day.
“Higher prices and weaker economic prospects are holding back consumption growth. However, a resurgent China will boost the growth next year. At the same time, growth will accelerate from 1.8 million barrels per day in 2022 to 2.2 million barrels per day in 2023,” the IEA forecast says.
Russia exports almost 8 million barrels of crude oil and condensate daily, of which 2.3 million barrels per day are supplied to the EU.