Saudi Arabia, U.S. and Russia continue to rank 1-2-3 in total global recoverable oil reserves, according to Oslo-based Rystad Energy’s latest research. Rystad this week raised its estimate of total global recoverable oil to 1,624 billion barrels – an increase of 52 billion barrels compared to its estimate last year. Oil & Gas Journal called it “a notable increase.”
As of Jan. 1, 2023, Saudia Arabia leads with 271 billion barrels followed by U.S. with 192 billion, Russia with 143 billion, Canada with 127 billion and Iraq with 107 billion.
Rystad also estimated emissions from oilfield operations at 5 percent of all crude-related emissions. Since Rystad’s 2022 report, 30 billion barrels of crude oil have been extracted. And Rystad said 1,300 billion barrels of total global recoverable oil are likely to be economically viable before the year 2100 at an average Brent price of $50 per barrel.