The United States holds more oil reserves than Saudi Arabia and Russia largely due to its shale oil, according to a new report.
The US currently holds an estimated 264 billion of barrels of reserves, compared with 256 billion barrels for Russia and 212 billion barrels for Saudi Arabia., Norwegian consultancy Rystad Energy said in a report.
That recoverable oil reserves are in existing fields, discoveries and yet to be discovered fields, according to Rystad.
The report said more than 50 percent of remaining oil reserves in the US are unconventional shale oil. According to the data, the state of Texas alone holds more than 60 billion barrels of shale oil.
Rystad estimated total global oil reserves at 2092 billion barrels, which would last only 70 years at the current production level of 30 billion barrels of crude oil per year.
Offshore production accounts for 33 percent of the global recoverable oil reserves while unconventional oil recovery accounts for…