World Recoverable Oil Reserves Increased by 52 Billion Barrels in a Year – Rystad
The volume of recoverable oil reserves in the world is estimated at 1.624 trillion barrels, the figure increased by 52 billion barrels over the year, according to a study by Rystad Energy.
At the same time, it will be economically feasible to extract less than 1.3 trillion barrels before 2100 from the indicated figure, with an average Brent price of $50 per barrel.
Over the past year, the world produced 30 billion barrels of oil, while the volume of new discovered reserves amounted to 84 billion barrels, analysts say.
The level of recoverable oil reserves in the leading oil-producing countries varies, the report says. In the UK, the reserves will be enough for less than five years of production, in Canada – for more than 20 years. Iran is the leader among the OPEC countries, where the proven reserves are enough for almost 13 years of production.
In absolute terms, the world leader in terms of reserves is Saudi Arabia – 271 billion barrels. The second place is occupied by the United States with an indicator of 192 billion barrels, the third – Russia (143 billion barrels), the fourth – Canada (127 billion barrels). Rounding out the top 6 are Iraq and Iran with reserves of 107 billion and 88 billion barrels, respectively.
According to Rystad experts, in a scenario in which global warming can be limited to 1.9 degrees Celsius by 2100, oil production will account for about 0.2 degrees.
