Vår Energi (owned by Eni and Hitec Vision) has found new oil reserves offshore the Barents Sea in Norway. This is stated on the Eni website.
According to preliminary estimates, the volume of reserves ranges from 65 to 100 million barrels. Vår Energi holds over 140 licenses for oil and gas production in 35 fields. The company’s current production is about 300 thousand barrels of oil per day.
Earlier it was reported that China, which is the world’s main importer of oil, bought raw materials to capacity. At present, oil storage facilities are filled with raw fuel almost to the limit. The price of the May Brent oil futures on March 8 exceeded $ 70 per barrel for the first time since January 2020. WTI rose 1.72 percent to $ 67.41.
Earlier, the Energy Information Administration of the US Department of Energy (EIA) admitted that by 2050 the price of Brent will increase to $ 173 per barrel, although the pessimistic forecast refers to $ 48. OPEC believes that this year demand will slow down by 100 thousand barrels per day and fall to 5.8 million barrels.