Recent Study Reveals US Holds More Oil Reserves Compared to Saudi Arabia and Russia
A recent study revealed that, the United States have higher oil reserves compared to Saudi Arabia and Russia. For the first the U.S has surpassed the oil reserves held by the largest oil exporting nations of the world.
Rystad Energy which is an independent oil and gas consulting services and business intelligence data firm that offers global databases and research estimates said that the recoverable oil in the United States from existing oil fields, discoveries and still not discovered areas approximately amount to 264billion barrels. It's a figure that has surpassed the reserves of 212 billion barrels in Saudi Arabia and 256billion barrel in reserves in Russia.
The analysis conducted by the Oslo based group for 60,000 oil fields globally over a three-year period reveals total oil reserves worldwide at 2.1trillion barrels. That's about seventy times the present production rate of almost thirty billion barrels of crude oil in one year.
Saudi Arabia and other traditional oil producing countries have over the decades used their massive oil reserves to gain power globally. But equations have changed in recent years as the U.S started using hydraulic fracturing and other innovative technologies to unlock massive reserves that have allowed the country to be increasingly energy independent.