A new independent estimate of world oil reserves released on 4 July 2016 by Rystad Energy, shows that the US now holds more recoverable oil reserves than both Saudi Arabia and Russia. For US, more than 50% of remaining oil reserves is unconventional shale oil.
The new reserves data from Rystad Energy also distinguishes between reserves in existing fields, in new projects and potential reserves in recent discoveries and even in yet undiscovered fields. An established standard approach for estimating reserves is applied to all fields in all countries, so reserves can be compared apple to apple across the world, both for OPEC and non-OPEC countries. Other public sources of global oil reserves, like the BP Statistical Review, are based on official reporting from national authorities, reporting reserves based on a diverse and opaque set of standards.
Rystad Energy now estimates total global oil reserves at 2092 billion barrels, or 70 times the current production rate of about 30 billion barrels of crude oil per year. For comparison, cumulatively produced oil up to 2015 amounts to 1300 billion barrels. Unconventional oil recovery accounts for 30% of the global recoverable oil reserves while offshore accounts for 33% of the total. The seven major oil companies hold less than 10% of the total. This data confirms that there is a relatively limited amount of recoverable oil left on the planet.
NB: It is the rich oil reserves of the Middle East countries for which the US imperialism continues its brigandage in that part of the world. In process it has looted the natural resources of and ravaged those countries, including plundering the priceless evidences of some of the oldest human civilizations. And now it heads the world oil reserves!
