The United States now has more oil reserve than Saudi Arabia and Russia, recent report has shown.
According to a study by Rystad Energy, the US’s reserve has exceeded the ones held by the world’s biggest exporting nations like Russia and Saudi Arabia. The report of a three-year period puts recoverable oil from existing fields, discoveries and yet to be undiscovered areas in the US at 264bn barrels, more than Saudi Arabia’s 212bn and Russia’s 256bn in stock.
Disclosing the figures early last week week, the Oslo-based group, claimed that the world has a total oil reserves of 2.1trilion barrels. The figure represents 70 times the present production rate of about 30billion barrels of crude oil per year, it was reported.