Oil reserves

Japan

Japan to start releasing state oil reserves on March 26

March 24 - Japan plans to start releasing oil from joint stockpiles ​held by producing nations in the country ‌by the end of March, Prime Minister Sanae Takai…

Crude Oil

Spain to release 11.5M barrels from strategic oil reserves

The Spanish government on Tuesday approved the release of up to 11.5 million barrels of oil from its reserves in a bid to ease supply shortages.Speaking to repo…

Crude Oil

South Africa Wants $100 a Barrel Oil Before Selling More Crude Stocks

South Africa will hold off on selling more of its strategic crude oil reserves until global oil prices climb to about $100 per barrel, a senior energy official …

Crude Oil

EIA Confirms Turkmenistan’s Rising Oil Reserves

Turkmenistan continues to strengthen its position as a key energy producer, with proven oil reserves reaching 600 million barrels as of January 1, 2025, accordi…

Oil Field

Iraq Declares Discovery of Huge Oil Field

The state-owned Iraqi Midland Oil Company said that it has discovered huge oil reserves in the East Baghdad oil fieldMohammed Yassin Hassan, director general of…

Oil Field

New Oil Reserves Identified in Xinjiang’s Tarim Basin, Signaling Vast Potential

China has identified newly proven oil equivalent reserves of 55.56 million tons in the Tarim Basin, located in the Xinjiang Uygur autonomous region, the China G…

Oil & Gas Trade

New Offshore Platform Taps Into Potential Of Heavy-oil Reserves In China

The world's first mobile thermal-injection platform was recently delivered in China's Shandong province, offering new opportunities to tap into China…

Oil Field

Kuwait Announces ‘Giant’ Oil Discovery

Kuwait Petroleum Corporation (KPC) said on Sunday it had made a "giant" oil discovery in the Al-Nokhatha field east of the Kuwaiti island of Failaka, with oil r…

Oil&Gas Drilling

Kazakhstan’s Oil Reserves Reach 4.4 Billion Tons

Kazakhstan’s current oil reserves amounted to 4.4 billion tons as of the beginning of the year, said the Energy Ministry in an official response to Tengri…

Oil & Gas Trade

Democratic Republic of the Congo (DRC) Seeks to Unlock Estimated 5 Billion Barrels of Oil

With 180 million barrels of proven oil reserves – and up to 5 billion of estimated oil reserves – the Democratic Republic of the Congo (DRC) is emba…

Oil Price

Release of Us Oil Reserves Addresses ‘Underlying Crisis’ and Not Higher Prices, Envoy Says

US energy envoy Amos Hochstein says the country will continue to use its strategic reserves to help resolve crises. Antonie Robertson / The NationalThe US relea…

Crude Oil

U.S. Emergency Oil Reserves Tumble to Lowest Since 1984

U.S. emergency crude oil stocks fell 8.4 million barrels last week to 434.1 million barrels, their lowest since October 1984, according to U.S. Department of En…

Crude Oil

U.S. Big Company Oil Reserves up 13% Since 2017, Deals Drive Recent Growth -Study

U.S. oil reserves held by 50 large companies rose by 13% over the five years ended in December, according to an Ernst & Young report released on Wednesday, with…

Oil Exploration

China Heralds Another Major Oil Discovery

China’s state-run China Petrochemical Group, Sinopec, says it has discovered a massive oilfield in the Tarim Basin, containing 1.7 billion tons of oil reserves…

Crude Oil

Biden Sidelined Global Energy Partners with Record Emergency Oil Release

The United States announced a record-sized release of emergency crude oil reserves in March without consulting partners in IEA, leaving them scrambling to match…