It is first time in modern history: 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.
There is little potential for future surprises in many other countries, but in the US there is. Three years ago the US was behind Russia, Canada and Saudi Arabia.Per Magnus Nysveen, analyst at Rystad Energy
So the oil glut, according to Magnus Nyswveen, is here to stay. Oil is trading below $50.
