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Old July 4th, 2016, 10:55 PM   #1
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US oil reserves surpass those of Saudi Arabia and Russia

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The US holds more oil reserves than Saudi Arabia and Russia, the first time it has surpassed those held by the world’s biggest exporting nations, according to a new study.

Rystad Energy estimates recoverable oil in the US from existing fields, discoveries and yet undiscovered areas amounts to 264bn barrels. The figure surpasses Saudi Arabia’s 212bn and Russia’s 256bn in reserves.

The analysis of 60,000 fields worldwide, conducted over a three-year period by the Oslo-based group, shows total global oil reserves at 2.1tn barrels. This is 70 times the current production rate of about 30bn barrels of crude oil a year, Rystad Energy said on Monday.

Recoverable reserves — those barrels that are technologically and economically feasible to extract — are analysed by the energy industry to determine company valuations and the long-term health of an oil-producing nation’s economy.

...

“There is little potential for future surprises in many other countries, but in the US there is,” said Per Magnus Nysveen, analyst at Rystad Energy, noting recent discoveries in the Permian Basin in Texas and New Mexico, which is the nation’s most prolific oil producing area. “Three years ago the US was behind Russia, Canada and Saudi Arabia.”



US oil reserves surpass those of Saudi Arabia and Russia - FT.com


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Old July 4th, 2016, 11:07 PM   #2
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The numbers will only increase in the future.


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Old July 5th, 2016, 12:11 AM   #3
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Fuck the future and hooray for the present that sometimes in a loose sense means Carpe Diem.
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Old July 5th, 2016, 06:51 AM   #4
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Saudi Arabia may go broke before the US oil industry buckles
OPEC oil export revenue seen down for third straight year: U.S. EIA | Reuters

The presumed death of US oil has been found wanting. Oh, yeah, the oil fields are coming back
Jobs *|* Search Oil and Gas Jobs Worldwide *|* Rigzone
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Old July 5th, 2016, 10:57 AM   #5
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The downside is: Who can predict the actions of a "nothing to lose" Saudi Arabia, or Islam in general?

Having buttloads of oil has enabled a bunch of desert dwellers. Take that away and....
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