According to Oslo, Norway-based Rystad Energy, the United States holds more recoverable oil reserves than any nation in the world, including Saudi Arabia and Russia. The newly available data indicate that more than half of America’s remaining oil reserves are in the form of shale oil.
In total, America’s oil reserves total two hundred and sixty four billion barrels of oil. Texas itself is home to more than sixty billion barrels of shale oil. Russia is second in terms of global reserves with two hundred and fifty six billion barrels, and Saudi Arabia is third with two hundred and twelve billion barrels. Rounding out the top nine are Canada, Iran, Brazil, Iraq, Venezuela and Mexico.
That means that three of the top nine nations in terms of oil reserves are in North America. As reported by Bloomberg, Rystad estimates total global oil reserves at more than two trillion barrels, or about seventy times the current global production rate of about thirty billion barrels of crude oil per year. In other words, at the world’s current pace, there are about seventy years of oil left.
Offshore oil accounts for about a third of the total. The world’s seven major oil companies – BP, Exxon, Chevron, ENI, Total, Shell and ConocoPhillips hold less than ten percent of total global reserves.
