US surpasses Saudi Arabia in oil reserves

According to a latest research from Rystad Energy, a Norwegian research firm, the United States now outpaces Saudi Arabia in holding more oil reserves.

United States onshore and offshore oil reserves now stands at 264 billion barrels, more than Saudi Arabia, Russia, and Canada’s 256, 212, and 167 billion barrels respectively.

The Rystad Energy team notes, “for US, more than 50% of remaining oil reserves is unconventional shale oil.”

Total oil reserves worldwide are ~2.1 trillion barrels. Assuming ~80 million barrels per day production, the world has a current reserve life index of approximately 72 years, BOEReport.com revealed.