The Market And Energy Page, T+238 -- December 15, 2017

Market: on track for Dow 30 to close at a new record. Huge volume.

Global Data, global reserves: top ten countries by crude reserves (includes graphic)

• US, Saudi Arabia, Iraq, Russia, Canada, Kuwait, Iran, UAE, Brazil, China
• US #1 in crude oil reserves
• unconventional oil reserves: 9.2% (45.8 billion bbls)
• oil sands reserves: 6.7% (33.3 billion bbls)
  heavy oil reserves: 4.5% (22.2 billion bbls)
• US: top among those with largest remaining crude and condensate reserves
• 91.1 billion bbls expected to be economically recovered in the the US
• other top four:
• Saudi Arabia: 77.4 billion bbls
• Iraq: 71.8 billion bbls
• Russia: 70.6 billion bbls
• remaining 14.1% (70.3 billion bbls) of remaining reserves
• UAE: lowest remaining break-even oil price at $4/bbl for shallow water developments
• US: highest break-even oil price at $32/bbl
• over 77.1% of the ten countries' remaining reserves (383 billion bbls) will be produced from onshore fields
• UAE: lowest remaining break-even oil price at $3/bbl for onshore developments
• Canada: highest remaining break-even oil price at $31/bbl for onshore developments
• ultra-deepwater developments
• 30.3 billion bbls or remaining reserves, spread between two countries
• US: remaining break-even oil price -- $33
• Brazil: remaining break-even oil price -- $37

Global Data, Russia: Russian upstream projects required $100 billion by 2020 to maintain stable production (some numbers rounded)

• an average of $35 billion/year in capital expenditure over next three years
• 1,673 oil and gas fields in Russia
• traditional oil fields: $55 billion over three years
• heavy oil fields: $7 billion over three years
• delta between $62 billion and $100 billion not explained
• onshore projects: 85% of the $100 billion upstream CAPEX ($88 billion by 2020)
• shallow water projects: $15 billion over the same period

Venezuela: pulls out of refinery joint venture in Cuba; Cuba now has full ownership of its Cienfuegos oil refinery.