U.S. now has larger oil reserves than Saudi Arabia, Russia

The United States has for the first time surpassed Saudi Arabia and Russia in oil reserves.

A study by Rystad Energy estimates that recoverable oil in the U.S. from existing fields, discoveries and yet undiscovered areas amounts to 264 billion barrels. Saudi Arabia has 212 billion and Russia 256 billion in reserves.

“There is little potential for future surprises in many other countries, but in the U.S. 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 U.S. was behind Russia, Canada and Saudi Arabia.”

More than half of the U.S.’s remaining oil reserves are in shale oil, Rystad Energy data show. Texas alone holds more than 60 billion barrels of shale oil, the study said.

Full article: U.S. now has larger oil reserves than Saudi Arabia, Russia (World Tribune)