Date
18 December 2017

US proved crude oil reserves hit 36-year high

Proved crude oil reserves in the United States grew 4.5 billion barrels or 15 percent to 33.4 billion barrels in 2012, the highest since 1976 and the largest annual increase since 1970, the Hong Kong Economic Journal reported Friday, citing data from the US Department of Energy’s Energy Information Administration (EIA).

More supplies were made available with advances in exploration technology and driven by higher prices. Oil deposits in shale rocks doubled in 2012 from the previous year, the EIA said.

The latest figures will boost US confidence in achieving self-sufficiency in oil supply, but some analysts warn there are still a lot of uncertainties in the proved reserves, including oil price fluctuations and technology developments, the report said.

– Contact HKEJ at [email protected]

EL/AC/CG

 

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