ENI on Reserves | Russell T. Rudy Energy LLC
“Rigzone reports that ENI (Ente Nazionale Idrocarburi) has just issued its 15’th World Oil and Gas Review. According to the Italian super major oil company, global oil reserves increased in 2015 while gas reserves declined.
Also, the report found that oil production during 2015 increased by 2.9% to a new record high. Most of this increase was driven by U. S. and Middle Eastern producers. Iraq had the largest increase, while the world’s largest producer, the U. S., kept growing for the seventh year in a row. However, geopolitics are expected to have a significant impact on production in Libya, Syria and Yemen.
Fortunately global demand for oil increased (but only by 2%) thereby contributing to the persistent oil glut. This helped depress crude prices throughout 2015.
Last year global gas production increased, driven primarily by Iran and the U. S. Norway had a significant increase in gas production, but overall European output fell by 8.5%. Russia reversed its decline in 2015 and actually increased by 1.3%.
Gas demand increased in 2015 after declining in the previous year. Emerging markets, the U. S. and Europe all experienced greater demand. However Asian demand for gas fell, largely due to major decreases in China, Japan and South Korea. Specifically resuming nuclear power plant operations, and greater reliance on coal and renewables appear to be the cause.
To read the report in its entirety, please go to http://www.rigzone.com/news/oil_gas/a/147541/Oil .
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