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Big Oil has turned bearish on the future of its main product


Big Oil has turned bearish on the future of its main product
A reserves-to-production ratio below 10 no longer worries oil companiesPremium
David Fickling
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For a century, there’s been a key metric for judging the direction of the oil industry: The number of years it would take for wells to run dry. The reserves-to-production ratio (R/P) calculated as oil reserves, divided by annual production has remained at eerily consistent levels since John D. Rockefeller’s day. At major oil companies, and in the US as a whole, it has rarely dropped below 10, and those moments have been associated with major disruptions. ....

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Detailed text transcripts for TV channel - MSNBC - 20150403:17:38:00

That they are governing over. great to see you. we return to our top stories, the historic and tentative deal on iran s nuclear program. francis is here with how this lifting of sanctions could impact all of us as oil starts to return to the free market out of iran. we already saw immediately following the announce. ing oil prices fell as much as 5%. and nuclear deal would help iran claim its lost ground in the global oil market and in turn we feel it help our gas prices here at home. let s show you how. iran holds the world s fourth largest crude oil reserves. look at this graph here let s show you when you look at january of 2012. that s when we saw the european union agree to i am pocketmportimports, iran was ....

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Detailed text transcripts for TV channel - FOXNEWS - 20111020:23:20:00

shep: continuing coverage from the fox report on the death of a dictator and news of colonel moammar gadhafi s demise, giving investors hope that the oil markets might finally stabilize. little or no oil has been leaving libya for months now as companies halted production when the fighting began there. the uncertainty helping to push oil prices up world wide. libya has the largest crude oil reserves in all of africa. before the uprising issues it but pumped out 1.8 million-barrels a day, 2% of the world s crude oil exports. most of it went to europe. meantime, gadhafi stashed $150 billion in libyan assets in banks around the world. banks which froze most of those assets after the fighting broke out. now the question, what is today s news mean for oil prices and what becomes of all that gadhafi cash? the fox business network s jerry willis is with us. any sign that his death might take away some of the oil market s instability? i think it very well might. ....

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Detailed text transcripts for TV channel - CNN - 20110419:16:00:00

Oil should be produced. they control 75% of the world s proven crude oil reserves, but they supply 40% of the world oil. and there s sort of a disparity between that 75% that they control and the 40% they supply, because some of the world s biggest produces of oil, russia is the world s biggest. the united states is number three. they are not members of opec. u.s., one other question about how it affects what we pay at the pump. the united states consumes so much oil, so what we produce, we re using much of that, plus a lot of what opec produces. 65 cents of every dollar you spend at the pump goes to the cross of crude oil. so when opec raises or lowers that production and that effects the price, that s how it trickles down to what we pay at the gas pump. got t. thanks, carl. thank you, suzanne. appreciate it. top of the hour. i m suzanne malveaux, want to get you up to speed. ....

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