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US is now world’s largest oil reserve but global supply still small

Posted on 07 July 2016

America has surpassed Saudi Arabia and Russia in oil reserves, a new report says, but current rate of production oil supplies will only last 70 more years. The United States has surpassed Saudi Arabia and Russia as the global leader in oil reserves, according to a report by a Norwegian consultancy firm.
“We have done this benchmarking every year, and this is the first year we’ve seen that the US is above Saudi Arabia and Russia,” Per Magnus Nysveen, head of analysis at Rystad Energy, said. He credited the rise to a sharp increase in the number of discoveries in the Permian basin in Texas over the past two years………………………………………..Full Article: Source


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