Date
25 July 2017
More than half of US oil reserves is shale oil, which is causing a re-ordering of major suppliers. Photo: Internet
More than half of US oil reserves is shale oil, which is causing a re-ordering of major suppliers. Photo: Internet

US holds more oil than Saudi Arabia or Russia

The United States has more recoverable oil reserves than Saudi Arabia or Russia.

More than half of US oil reserves is shale oil, Bloomberg reports, citing Oslo-based consultant Rystad Energy.

Texas holds more than 60 billion barrels of shale oil according to the new data.

New data from Rystad distinguishes between reserves in existing fields, in new projects and potential reserves in recent discoveries and in yet undiscovered fields.

An established standard approach is applied to all fields in all countries, Rystad said.

That means reserves can be compared like-for-like across the globe.

Other public sources are based on official reporting from national authorities, which are in turn based on diverse and opaque standards, Rystad said.

Rystad estimates total global oil reserves at 2,092 billion barrels, or 70 times the existing production rate of about 30 billion barrels of crude oil per year.

Unconventional oil recovery accounts for 30 percent of the global recoverable oil reserves and offshore 33 percent.

The seven major oil companies — BP, Exxon, Chevron, ENI, Total, Shell and ConocoPhillips — control less than 10 percent of the total, Rystad said.

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